How do Closing Costs Work?

"Closing Costs" are the fees which cover various services involved in the sale of a house. Sellers and buyers almost always negotiate to decide how to split these closing costs.

As you'll see below, many of the closing costs result from getting your mortgage. At Great Florida Lending, Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate your costs to the penny. We go over Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.

Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Great Florida Lending, Inc can answer questions about these closing costs. Give us a call: 7862626486.


Great Florida Lending, Inc

¡No Solo Soy Especialista en Hipotecas Revertidas, Tambien Soy Un Cliente!!!

2828 Coral Way, Ste. 470
Miami, FL 33145