How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers & sellers almost always negotiate to decide how to split these costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At Great Florida Lending, Inc, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you submit your application, we will provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on Great Florida Lending, Inc's experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at the closing table.

Below is a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

At Great Florida Lending, Inc, we answer questions about closing costs every day. Give us a call: 7862626486.

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Great Florida Lending, Inc

2828 Coral Way, Ste. 470
Miami, FL 33145