What are closing costs when buying a home in Florida?
Thinking about buying a new home in Florida but don’t know what the closing costs will be. Perhaps a local builder is offering to pay for customary closing costs if you use their lending company. Below is a list of common and customary closing costs for buying a home in Florida.
- Stamps on mortgage: $.04 per $100 (total mtg amount)
- Intangible tax: $.002 per $100 (total mtg amount)
- Title Company fees: $200 – $500 (includes various endorsements)
- Mortgage Company fees: This varies from lender to lender (0% – 1% of mtg amount)
- Future Escrow Reserves: Your lender may require you to escrow future insurance and tax payments. Escrow reserves may be 3, 6, or 9+ months, depending on mortgage company policies.
- 1st Years Home Owner Insurance: varies based on many factors. Consult with your insurance professional.
- Lender’s Title insurance policy: $350 – $1000
- Monthly Maintenance Fees: Will be prorated for the month
- Survey: $300 – $400
- Funding Fees: VA, FHA, or USDA loans all may have funding fees required to set up your loan
Other possible Florida closing costs:
(Depending on lender, payment of these may be required prior to closing, or included as closing costs.)
- Home Inspection: This will usually run between $200-$500. It is recommended that even when buying new construction that you have a home inspection.
- Appraisal: Typically runs between $300 – $500
- HOA or CDD Fees. Depending on if these are paid monthly or annually, in advance or arrears, this may be included on the HUD1 settlement statement at closing.