Lender/Mortgage brokerage points and origination fees can be very costly. These are basically how the mortgage broker gets paid. These can range in price and depending on the type of loan all or part can be paid by the seller if negotiated in the contract. Discount points is cash paid upfront by the buyer to lower the interest rate of the loan. These will be paid at closing.
Other items like appraisals (professional brought in to give a determination of value for the lender) , recording fees (fees paid to record documents in the public record) closing fees (how the closing company gets paid to make sure all the necessary documents are signed, notarized, collected, and sent to the appropriate parties) are all additional closing fees which you need to be aware of.
Taxes are also paid at closing. Doc stamps on the deed (paid by the seller) are paid based upon total purchase price. These are calculated by multiplying the purchase price by.006 in Dade and .007 in Broward to get the total due. Doc stamps on the mortgage are paid by the buyer. They are calculated by multiplying the total mortgage by .0035. Finally intangible tax which is paid by the buyer on the mortgage is calculated by multiplying the new mortgage amount by .002. This is a summary of most of the typical closing costs on a deal. While it may seem confusing for those of us that deal with it on a daily basis it is second nature. That being said if you have any questions feel free to contact me and I will happily answer any questions you may have.
Closing Cost Estimation