How to Calculate Closing Costs on a Mortgage

Video Transcript

"Hi, so you're thinking about getting a mortgage but you need to know the closing cost before you obtain the mortgages.That's not a problem. I'll be able to tell you how to calculate those. My name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. First and foremost the closing cost on your mortgage are based on the loan amount. There are certain taxes so to speak that you have to pay. One of those is called a deed and the other one is called the note. Basically you have to pay stamps the deed depending on the state you live in. In Florida for instance .007 times the loan amount and that's your note stamps on the deed or .0035 is the note on the mortgage and there's also intangible tax which is very small. In the state of Florida .002 I believe and those have to be paid. Aside from that your closing cost are going to include your mortgage broker fees, the lender fees, courier fees the closing fees that are charged by the title company depending on the state your in, the attorney's office. So make sure you have those figures first so you can figure out exactly what it is that your closing cost are going to be and again it's based on the loan amount. So you have to have that figure first before you can figure out the rest of the closing cost. And that's exactly how closing cost are figured out. Again my name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Thank you very much."