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February 15, 2024

Florida Closing Costs

A Comprehensive Guide for Homebuyers

When you're in the market for a new home in Florida, understanding the ins and outs of closing costs is crucial. At Caritas Mortgage Group, we're dedicated to demystifying these costs, ensuring you're well-informed and prepared. Let’s delve into what closing costs in Florida entail and how they vary.

What Are Closing Costs?

Closing costs in Florida encompass various fees and expenses that are part of finalizing your real estate transaction. These costs are over and above your down payment and are vital in completing your home purchase.

Florida Closing Costs: What to Expect

Generally, closing costs in Florida range from 2% to 5% of the property’s purchase price. This percentage can translate differently based on the value of the property and the specifics of your mortgage agreement.

Breaking Down the Costs

Most people are surprised to learn that a significant portion of closing costs are fees other than the ones charged by lenders or brokers. Here’s a closer look at the major components:

  • Escrow and Prepaids: This includes setting aside funds for future property taxes and homeowner's insurance. These are not fees but rather prepayments to ensure these critical items are covered.
  • Title Fees: These cover the cost of ensuring the property title is legitimate and insuring against any errors.
  • Appraisal and Inspection Fees: Necessary for assessing the property’s value and condition, a step every prudent homebuyer should undertake.
  • Lender Fees: Including origination, processing, and underwriting fees associated with your mortgage.

Your Closing Costs in the Florida Real Estate Market

The exact amount and composition of closing costs can vary based on your loan type, the lender's requirements, and the property’s location. It’s essential to get a clear picture of these costs early in the home-buying process.

Navigating Your Purchase with Expertise

At Caritas Mortgage Group, our expertise in the Florida housing market ensures you receive comprehensive and transparent guidance on closing costs. Whether you're a first-time buyer or a seasoned homeowner, we’re here to help you navigate through each step towards owning your Florida dream home.


Mortgage Market Analyst

Caritas Mortgage Group