About Closing Costs
"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers & buyers negotiate these costs.
Many of the costs associated with buying a house are associated with getting a loan. At Great Florida Lending, Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on Great Florida Lending, Inc's experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete 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
- Escrow Fees
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Great Florida Lending, Inc, we answer questions about closing costs every day. Give us a call: (786) 262-6486.