About Closing Costs
All residential real estate transactions involves costs. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a home are associated with getting the loan. At Great Florida Lending, Inc, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Great Florida Lending, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Great Florida Lending, Inc can answer questions about these closing costs. Give us a call at (786) 262-6486.