How do Closing Costs Work?

Every home sale involves certain costs. Buyers and sellers usually split these closing costs, as the real estate sales contract specifies.

As the list below indicates, many of the closing costs result from getting your mortgage. Since Bright Vision Mortgage has extensive experience with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We handle buyers' questions about these costs every day at Bright Vision Mortgage, so please be sure to ask if we can help answer your questions.

We've provided a general list of closing 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
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

At Bright Vision Mortgage, we answer questions about closing costs every day. Call us at (904) 342-3622.

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