How do Closing Costs Work?

"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Buyers & sellers usually negotiate to determine who will pay different portions of these costs.

As indicated below, many of the costs result from getting your loan. At Bright Vision Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".

The Loan Estimate (LE)

Very soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.

Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

Bright Vision Mortgage can help you understand closing costs. Give us a call: (904) 342-3622.

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2800 North Fifth Street Suite 301B
St. Augustine, FL 32084