— Buying tools
Closing costs, line by line.
Florida buyer closing costs typically run 2.5-4% of purchase price (excluding down payment). Here's what each line is and where the negotiation room lives.
Lender fees
- Origination / underwriting. 0.5-1.0% of loan amount; varies by lender. Negotiable.
- Appraisal. $500-700 (single family); higher for unique or large properties.
- Credit report. $30-60.
- Discount points (optional). Pay upfront to lower rate. 1 point = 1% of loan, typically buys 0.25% off rate.
Title + escrow
- Owner's title insurance. Florida promulgated rate. ~$5.75 per $1K up to $100K, then sliding scale. Usually negotiable who pays.
- Lender's title insurance. Required by lender. Typically a few hundred dollars on top of owner policy.
- Title search + closing fee. $300-700.
- Escrow / settlement fee. $300-500.
Government
- Documentary stamp tax on the mortgage. $0.35 per $100 of mortgage amount.
- Intangible tax on the mortgage. $0.002 per dollar of mortgage. (E.g. $400K mortgage = $800.)
- Recording fees. $10 first page + $8.50 per additional page; deed and mortgage recorded.
Prepaids (held in escrow)
- Property taxes. Lender collects 2-12 months of taxes upfront depending on closing date.
- Homeowner insurance. First year paid in full at closing, plus 2-3 months in escrow.
- Flood insurance (if required). First year paid at closing. Can be the largest single line.
- HOA dues + transfer fees. HOA prorations + one-time transfer fee, often $250-500.
Quick math
On a $500,000 purchase with 20% down ($100K) and a $400K mortgage, expect roughly $13,000-$18,000 in closing costs (lender + title + taxes + recording + prepaids combined). Add flood insurance prepay if waterfront — could bump that by another $5K+.
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