How do Closing Costs Work?

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Certain standard costs are associated with closing the sale of a house. Buyers and sellers usually split these costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting the loan. At Florida State Mortgage Group, Inc., we are highly experienced in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Florida State Mortgage Group, Inc.'s experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We review GFEs with buyers every day, so we are happy to answer your questions about closing costs.

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 complete your application. At Florida State Mortgage Group, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Up-front Interest Payment
• Escrow Fees
• Taxes
• Loan Origination Fee
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs
• Getting YourCredit Report

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Title Insurance
• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)

Florida State Mortgage Group, Inc. can answer questions about these closing costs. Give us a call at 954-359-3000.