What type of loan are you approved for? Conventional, FHA, VA?
If you are obtaining a loan when purchasing a home in FL, you can expect to pay the state of FL the following fees at closing -- Doc stamps on the deed at $ .70 per $100 of sales price, Intangible tax on the mortgage at $ .002 x mortgage amount.
Depending on how you word the offer, either you or the seller would be responsible for paying for the title search, exam and title policy (but buyer is responsible for their own lender required endorsements). The title policy is based on price of the home. For example, on a $300,000 home it would be $1575.
You will also be responsible for the recording fees to the county for recording your new mortgage.
Your lender should provide you with a Good Faith Estimate of closing costs. Lender related fees typically include things like: loan origination fees and points, appraisal fees, credit report, tax service fee, underwriting fee, document prep fee, flood certification fee. Some of those are negotiable, some are not -- your agent should be able to help you with that.
Lenders typically want you to pay one year of homeowner's insurance at closing. You will also be required to set up an Escrow Account at closing for property taxes, hazard insurance and if applicable, PMI (private mortgage insurance).
If the property is located within a flood zone, flood insurance will be required as long as you have a mortgage.
Your lender will collect at closing Prepaid Interest (which is calculated on date of closing to end of the current month).
A survey of the property will most likely be required.
Other costs are optional such as home inspection, termite inspection. Although optional, these inspections can be money well spend, so find a home inspector with both good credentials and a good reputation.
Builders of new construction homes use their own contract forms (vs the standard FAR-BAR used by most FL agents these days) and often have additional fees and charges built into the contract, so read those 50-80 page contracts very carefully.
Both FHA and VA loans have up front fees. Both FHA & VA require the seller to pay certain costs on behalf of the buyer, your lender should explain those to you.
Just before closing your lender should provide a preliminary copy of the actual Settlement Statement, known as the HUD-1. This will show the final closing numbers for both buyer and seller sides, including the buyer's actual closing costs and cash needed to close.
If you have found a home you are interested in making an offer on, have your lender provide you with a Good Faith Estimate based on your estimated purchase price. That is a much better source of costs to close than using a percentage estimate.
Diane Christner, Realtor, GRI, SFR, CNE