All residential real estate transactions incurs costs. Sellers and buyers usually split these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since Great Florida Lending, Inc has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on Great Florida Lending, Inc's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your 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
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Great Florida Lending, Inc can help you understand closing costs. Call us: (786) 262-6486.