Closing Costs

Island Walk, FL Closing Costs

Closing costs is an expense of getting a mortgage in Island Walk, FL. Closing costs are a combination of lender fees and third party fees, most of which are paid by the home buyer at closing. You may choose a loan program that allows the seller to pay a portion of these costs, particularly VA loans and FHA mortgages. Some loans also allow you to roll these costs into your new mortgage.

After you apply for a mortgage, your Island Walk, FL lender is required to provide a Loan Estimate (LE), a statement that estimates and breaks down the closing costs for you. As you review this estimate, remember that many listed items can legally increase by up to 10%. You can compare the estimated expenses to your Closing Disclosure (CD) statement received prior to closing. You have the right to walk away from the loan transaction if you are not happy with the closing costs, or you can attempt to negotiate them lower.

On average, Island Walk, FL closing costs are between 2% and 5% of the purchase price of the home.

Common Closing Costs Island Walk, FL

Island Walk, FL Closing Cost Fees

Closing costs in Island Walk, FL depend on many factors including the loan program, the area, the home you are buying, and more. Common fees you can expect to pay in Island Walk, FL include:

  • Underwriting fee
  • Recording fee paid to the county or city
  • Escrow deposit account for insurance and property taxes
  • Title insurance
  • Discount points
Third Party Closing Costs Island Walk, FL

Third Party Closing Costs in Island Walk, FL

Many of the closing costs you will pay are third-party fees which are not controlled by the lender. Common examples of third-party fees include:

  • Home appraisal, which is important to determine the Island Walk, FL home's market value. Lenders require appraisals to justify the loan amount.
  • Closing fee, which is charged by your Island Walk, FL title company.
  • Credit report fee, which is charged by credit bureaus for lenders to review your credit.
  • Survey fee, which may be required to verify the property boundaries.
  • Title insurance, or the Lender's Policy, protects the lender by ensuring the loan is a valid lien.
Closing Fee Island Walk, FL

Call Us Today to Find Out More About Closing Costs!