About Closing Costs
There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Great Florida Lending, Inc, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Great Florida Lending, Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your 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. Call us: 786-262-6486.