ILoveSoFla.com

 

Congratulations!  You either have the cash, or have been approved for a mortgage, to buy a home or investment property.  Now that you have determined how much you can afford, remember to keep in mind your closing costs, which will run between 3-4% of your purchase price for closings with a mortgage and less than 1% for a cash deal.  Closing costs typically include the following  “Out of Pocket” expenses:

 

Appraisal

 

Courier (federal express)

 

Credit Report

 

Digital Imaging/Archiving Fee

 

Documentary Stamps on the Note: $.35 per $100.00 of note amount

 

E-recording fee: $4.00 per instrument to be recorded

 

Flat Fee Commission if company you use charges one.  Usually $200-$300

 

Inspection Fees and other lender’s fees

 

Intangible Tax on the Mortgage: $.20 per $100.00 of mortgage amount

 

Mortgage Points

 

Title Insurance: Lender’s Policy

 

Endorsements

 

Owner’s Policy

 

Recording Fees: $10.00 first page, $8.50 each additional page

 

Settlement Fee

 

Survey / Termite Report / Roof Report (if required)

 

Prepaids:

 

2 to 13 months property taxes (changes depending on time of the year closing takes place)

 

14 months hazard insurance

 

14 months flood insurance (if required)

 

14 months of windstorm insurance (if required)

 

P.M.I. Premium (if loan to value ratio is higher than 80%)

 

Prepaid Interest (from closing date to the end of the month)