How do Closing Costs Work?

"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers and buyers often negotiate to decide how to split these costs.

As indicated below, many of the costs result from getting your mortgage. Since Bright Vision Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Very soon after you submit your application, we will give you the "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Bright Vision Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Bright Vision Mortgage can answer questions about these closing costs. Give us a call at (904) 342-3622.

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