Mortgage Glossary
Closing Costs
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Closing costs are the fees and prepaid expenses, beyond your down payment, that you pay to finalize a mortgage.
What Closing Costs means
They include lender origination, appraisal, title insurance, recording fees, and prepaid taxes and insurance. In Florida, closing costs typically run 2–5% of the purchase price, partly because of the documentary stamp tax.
Florida example
On a $350,000 Florida home, expect $7,000–$17,500 in closing costs. You can offset much of it with seller concessions or a lender credit, which trades a slightly higher rate for cash toward your costs.
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