Florida Closing Costs: What Tampa Bay Homebuyers Should Expect

Closing costs are the fees and prepaid items you pay to complete a home purchase, on top of your down payment. Knowing what to expect in Florida helps you budget and avoid surprises at the closing table.

Lender and Loan Costs

These can include an origination or underwriting fee, an appraisal, a credit report and other charges related to processing your loan. Your Loan Estimate lists these costs so you can review them early and compare.

Title and Settlement Costs

A title company or closing attorney searches the property’s history, issues title insurance and handles the settlement. Title insurance protects you and the lender if a problem with the property’s ownership surfaces later.

Florida Taxes on the Loan

Florida charges documentary stamp tax on the mortgage note and an intangible tax on the mortgage. These are among the government charges buyers commonly see on a Florida closing disclosure. Documentary stamps on the deed are customarily paid by the seller, though contracts can be negotiated.

Prepaid Items and Escrow

At closing you usually prepay some of the ongoing costs of owning the home. That can include homeowners insurance, a portion of property taxes, and interest from closing day to your first payment. Many lenders also set up an escrow account and collect a starting balance.

How to Plan Ahead

• Ask for a Loan Estimate early and compare it with what you expected
• Ask your real estate agent whether the seller may help with costs, and whether that is allowed for your loan program
• Get homeowners and, if needed, flood insurance quotes before closing
• Ask your loan officer for an estimate of cash needed to close

This article is general information only. Costs vary by loan, property and contract, so ask your loan officer and closing agent about your situation.

Talk With a Tampa Bay Mortgage Team

Planning to buy or refinance in Tampa Bay, Florida? Explore our home loan options, read the Tampa Bay mortgage FAQ, or start a pre-qualification. Call (727) 888-6650 to talk with Josh Richardson (NMLS #2448184) or Anna Richardson (NMLS #2045806). Company NMLS #2072896.