Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Sellers & buyers often negotiate to decide how to share these costs.
As the list below indicates, many of the costs result from getting your loan. Since My FL Home Loans, Inc. is highly experienced with mortgages and closings, we often explain the details of closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on My FL Home Loans, Inc.'s experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We answer buyers' questions about these costs every day at My FL Home Loans, Inc., so please feel free to contact us if you have questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At My FL Home Loans, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
My FL Home Loans, Inc. can help you understand closing costs. Give us a call at (727) 743-1620.