"Closing Costs" are the fees that cover the various services involved in the sale of a home. Sellers and buyers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Great Florida Lending, Inc, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Loan Estimate (LE) and closing. We explain LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Great Florida Lending, Inc, we answer questions about closing costs every day. Give us a call at (786) 262-6486.