Are you ready to sell or buy your home in Miami, Florida?
People are at times reluctant to buy or sell due to the associated Closing Costs. They worry about unknown fees and are concerned that the costs will push them out of their budget or will keep them from getting the expected return on the sale of their property.
In order to avoid the unknown, it is best to keep an estimate in your budget and know exactly what will be paid out of Closing.
What you’ll see in this video is that there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:
- Attorney’s or escrow fees (Yours and your lender’s if applicable)
- Property taxes (to cover tax period to date)
- Interest (paid from date of closing to 30 days before first monthly payment)
- Loan Origination fee (covers lenders administrative cost)
- Recording fees, Survey fee, First premium of mortgage Insurance (if applicable)
- Title Insurance (yours and lender’s)
- Loan discount points
- First payment to escrow account for future real estate taxes and insurance
- Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable)
And any documentation preparation fees.
In order to get a better idea of the costs that apply to you and an estimate of what they may be, please feel free to reach out to us.
Here at Cambridge Title & Closing Services we are constantly striving to take the worry out of your Closing. Please call us today at (305) 476-8701.