Understanding Closing Costs

The wording of a loan can be pretty hard to understand unless you have Old Florida Title on your side. We’re here to help you better understand the important closing disclosure details. Here’s what you need to know:

Section A:

This section includes origination charged that are collected by the lender, fees paid to other parties, such as loan officers and brokers and prepaid interest. The numbers here should match your loan estimate.

Section B:

This section covers any service that was not shopped. That’s about 10 percent of the original loan estimate.

Section C:

Any serve you shop is covered here. By choosing providers from your lender’s written list, the cost of this should only be about 10 percent of the loan estimate. It may be more if you shopped different services.

The details will also include recording fees, the costs you pay, the Seller’s costs and possible credits from the lender.

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