Fort Lauderdale Mortgage Closing Costs

Your total costs and fees are going to depend on the Bank or Mortgage Company you use along with the title company closing your transaction but let’s go over what you should expect.  These fees will be what I think are reasonable fees.  These fees are for Fort Lauderdale & South Florida.

  • Lender Fees – $1200 – which consists mostly of Underwriting, Processing, Application, and Funding Fees.
  • Appraisal – $350 – this will depend on whether it’s Conventional, FHA, VA, Jumbo, etc.
  • Flood Cert – $15
  • Tax Service – $95
  • Settlement Fee – $550
  • Abstract or Title Search – $150
  • Owners Title Insurance – $5.75 per thousand for the 1st $100k and $5 per thousand for there after
  • Lender’s Title Policy – $25
  • Endorsements – 10% of the title insurance plus $50 typically
  • Wire Fee – $50
  • Document Storage Fee – $35
  • Recording Fees – $275
  • Intangible Tax – your loan amount x .002
  • Doc Stamps – your loan amount x .0035
  • Survey – $350

If you are buying a Fannie Mae or Freddie Mac owned property you will be charged the seller’s doc stamps which is the purchase price x .007.  If you are buying a short sale or foreclosure and you use the seller’s title company they typically will pay for the title insurance but you get what you pay for so I would recommend hiring an attorney to review everything.

In Palm Beach the seller chooses the title company and pays the title insurance.

Your prepaid items for per diem interest, insurance, and taxes are not costs of the loan but you better hope your mortgage professional is guiding on what they will be, not what they hope they will be or what makes their estimate look better.  Be careful!