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Additional Costs to Close a Mortgage

The most important question a home buyer asks is “How much can I afford?” A buyer needs to know the maximum purchase price of homes that they should be looking at. Smart Miami buyers know that there are closing costs involved in the purchase of a house, above and beyond the purchase price. Your team of professionals, including a lender, possibly an attorney and a real estate broker should be able to ensure that the only surprises at closing are pleasant ones.

Following are normal closing costs that might be included with your property purchase. These costs can be state specific, and even county specific, so be sure to talk with your lender about which of these costs apply to you.

Lender Fees – Fees will vary by lender, so in addition to shopping for the best rate and terms for a loan, you should also pay attention to additional lender costs. The fees that might be assessed by your lender and other parties can include:

Underwriting fee Administrative fee Points (cost to buy down the rate) Flood certification fee (to determine if the property is located in a flood zone) Tax collection fee (to make sure they are notified of property taxes due and paid Origination fee

Appraisal: In most cases, an appraisal will be required to determine, as accurately as possible, the actual value of the property you are purchasing.

Credit Report: All lenders will require a credit report. Many lenders use what is known as a “tri-merge report.” The charge for this report is minimal and is often expected to be paid up front.

There are also fees assessed by a Title Company or Transfer Agent, in addition to special fees that may be charged by your city, county and state.

Deed and Mortgage Documentary Stamps: Documentary stamps could be assessed for recording the deed with the county. A second set of documentary stamps might be assessed for recording the mortgage.

Intangible Tax: The actual mortgage is considered intangible property which could also be taxed. This tax for the mortgage is assessed similarly to the doc stamps, except that it is calculated on the loan amount.

Recording Fees: The County assessor charges you for each page of the documents needed to record your deed.

Title Insurance and Escrow Fees: Title Insurance protects you and the lender. It guarantees clear title to the property at the time the loan closes. The Title Company will also very likely charge an escrow fee to pay for their services. Additional escrow and title fees are not unusual.

In some states, an attorney may be involved in the closing process, instead of, or in addition to a title company.

In addition to closing costs, there are often other charges that are known as “pre-paid” expenses. These can include property insurance, property taxes, and accrued interest.

You should expect a Good Faith Estimate of all closing costs and fees, within 3 days of applying for your loan. As a general rule, you should expect your total closing costs to average between 1% – 3% of the total loan amount.

Luxury Real Estate in Southern Florida brings in-depth local knowledge and the resources of EWM and Christie’s Great Estates, plus local experience and international network access to your real estate transaction. This article powered by SEO 2.0 Services

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Winter in Miami

While the rest of the country battles the cold, winter is the start of Miami’s great weather. On the southern tip of Florida, the city of Miami rests on the coast of the Atlantic Ocean. The close proximity to the ocean and the low latitude gives this city its tropical climate. From December to January, the average daily high temperature is in the mid-seventies, and these are the coldest months of the year. The rainy season ends in November, and Florida’s dry season begins.

Miami is a vibrant city with strong Latin influences. The city is very metropolitan while still retaining a relaxed, fun-loving attitude. The Miami area has a long history. First the area was a Native American settlement, then the Spanish brought in some missions. In the late’00s to today, Miami has been experiencing huge growth, partially because it is known as as a winter destination. While the thriving economy supports a large, year-round population, winter is still the season when everything comes to life. There is always somewhere to go and something to do. The Latin influence can especially be felt in the dining and dancing–Miami has fantastic restaurants and clubs.

The winter weather in Miami is so agreeable that there are few days that cannot be spent at the beach. Miami has several long, sandy beaches ideal for sunbathing, beach-combing, and water sports. There are plenty of places to snorkel and scuba dive, and even in winter the water is a tolerable seventy degrees. The most famous of Miami’s beaches is South Beach. This somewhat risqu beach is lined with a funky Art Deco district. If you are looking for a quieter beach, Bill Baggs Cape Florida State Park is nice and has a lighthouse.

Miami is adjacent to two National Parks, the Biscayne and the Everglades. The Biscayne National Park is mainly a marine park with beautiful coral reefs. The Everglades are famous for their wildlife, like alligators and fabulous birds. Nature-lovers will appreciate the many trails and viewpoints. Year round there is something to see at these National Parks. Winter is also a time of harvest, with many of the famous Florida citrus fruits being harvested from December through March. Many homes in Florida have fruit trees in the yard. Farm stands are open year round with fresh, local fruits and vegetables.

Several excellent golf courses are in and around Miami, and the PGA has regular competitions here. There are several huge shopping malls, and a few outdoor shopping areas like the Lincoln Road street mall in Miami Beach. Imagine shopping for Christmas presents in their great shops, and then having lunch on the patio of a delicious Cuban restaurant. All of this while wearing shorts. It is no wonder, Miami is one of the most popular retirement areas in the country.

Miami is a delightful city with ideal winter weather. It is a great place to have a home-many come for winter vacation and never leave. If you are looking for a combination of sunshine and fun things to do, Miami is the place to choose.

Luxury Real Estate in Southern Florida Brings in-depth Real Estateknowledge and the resources of EWM and Christie’s Great Estates, plus local knowledge and global network access to your real estate transaction. This article powered by SEO 2.0 Services