What Are Closing Costs?

You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home. But before you get the key, there's one more step--the closing.

Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It's the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.

As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:

Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.

Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.

Loan Origination Fee: This fee covers the lender's loan-processing costs. The fee is typically one percent of the total mortgage.

Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.

Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.

PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.

Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.

Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner's insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If six months have passed, eight months of taxes will be collected.)

Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.

Make sure you consult a real estate professional in your area to find out which fees--and how much--you will be expected to pay during the closing of you prospective home. Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs.

1263 Properties
Page 1 of 36
Open 1/28
5022 Hagin Dr Panama City,  FL 32404
$350,000
Neighborhood: Callaway Heights
4
Beds
2
Baths
1,835
Sq.Ft.
2023
Year Built
1
Day on Site
736847
MLS
Welcome to the Azalea**Proudly brought to you by Coastal Classic Homes where you are given a modern, beautifully built custom home. This New Construction home offers an open floor plan with plenty of...
$355,900
Neighborhood: Whisper Dunes
3
Beds
2F11/2
Baths
1,496
Sq.Ft.
2017
Year Built
1
Day on Site
736848
MLS
Great opportunity to own a nice townhome about a mile away from the white sandy beaches & 5 minutes to Pier Park. You'll love the spacious floor plan & the amenities of the community. Downstairs...
Open 1/28
1869 Pointe Dr Panama City Beach,  FL 32407
$335,000
Neighborhood: Hathaway Townhomes
3
Beds
2F11/2
Baths
1,542
Sq.Ft.
2019
Year Built
1
Day on Site
736841
MLS
Welcome to Hathaway Townhomes! This is an incredible opportunity to own a townhome in Panama City Beach. When you enter you'll find gorgeous luxury vinyl plank flooring, granite countertops in...
$475,000
Neighborhood: No Named Subdivision
5
Beds
2F11/2
Baths
2,627
Sq.Ft.
2023
Year Built
1
Day on Site
736852
MLS
This Home is built by one of Bay Counties most sought after builders, Brick home with spacious floor plan, custom solid wood cabinets, Quartz counter tops, Upgraded light fixtures, doors, Insulation,...
$325,000
Neighborhood: Edgewater Golf Villas 3A
2
Beds
2
Baths
1,137
Sq.Ft.
1985
Year Built
1
Day on Site
736857
MLS
Ground floor unit with beautiful views of the 7th fairway. This spacious condo offers two bedrooms with two full baths and has been partially updated. The master bedroom has sliding glass doors that...
$369,500
Neighborhood: Magnolia Bay Club
3
Beds
3
Baths
1,485
Sq.Ft.
2008
Year Built
1
Day on Site
736858
MLS
Waterfront 3bed/3bath condo in gated community of Magnolia Bay club. Has beautiful views of St. Andrews Bay from the master bedroom, the living room, the kitchen ,and the large balcony. Only a short...
$199,900
Neighborhood: Fontainebleau Terrace
1
Baths
330
Sq.Ft.
1965
Year Built
1
Day on Site
736861
MLS
Enjoy Panama City Beach at the Fontainebleau Terrace! This is a great vacation rental, or personal use family getaway. Rental income yields around $30k, depending on your personal use. On site...
$349,000
Neighborhood: Carillon Beach Inn
1
Beds
1
Baths
530
Sq.Ft.
2007
Year Built
1
Day on Site
736865
MLS
UPDATED and BEAUTIFULLY FINISHED! Must see, 3rd floor with great views overlooking Lake Carillon. Beach access and pools available in Carillon. Shops and restaurants within easy distance. Panama...
$199,900
Neighborhood: Fontainebleau Terrace
1
Baths
330
Sq.Ft.
1965
Year Built
1
Day on Site
736869
MLS
Enjoy Panama City Beach at the Fontainebleau Terrace! This is a great vacation rental, or personal use family getaway. Rental income yields around $30k, depending on your personal use. On site...
$599,000
Neighborhood: Pinnacle Port
2
Beds
2F11/2
Baths
983
Sq.Ft.
1970
Year Built
1
Day on Site
736871
MLS
This recently renovated 2 bedroom 2.5 bath condo is perfectly located in the private, gated community of Carillon Beach. This unit has incredible views of the gulf and Lake Powell. You can see the...
Open 1/28
125 Tierra Verde Way #Lot 12 Panama City Beach,  FL 32407
5
Beds
3
Baths
3,113
Sq.Ft.
2023
Year Built
1
Day on Site
736873
MLS
Price reduced for a limited time. The McKenzie plan is an exquisite 5 bed, 3 bath home located in the TierraVerde III community! Conveniently located to nearby schools, restaurants, 5 minutes to the...
Open 1/28
1220 New York Ave Lynn Haven,  FL 32444
$245,000
Neighborhood: Lynn Haven
3
Beds
2
Baths
1,440
Sq.Ft.
1945
Year Built
2
Days on Site
736541
MLS
New to the Market! Nestled on a large corner lot in the heart of Lynn Haven this 3 Bed 2 Bath home is perfect for anyone looking to live in Bay County! This home is centrally located in Lynn Haven...
Open 1/28
292 Hugh Thomas Dr Panama City,  FL 32404
$315,000
Neighborhood: Grimes Callaway Bayou Est U-1
3
Beds
2
Baths
1,540
Sq.Ft.
2020
Year Built
2
Days on Site
736798
MLS
This adorable home is situated in a wonderful neighborhood on a large lot in an X flood zone. Sit on your front porch and watch the mullet jump in Callaway Bayou. The home's open floor plan features...
$250,000
Neighborhood: Grand Lagoon Cove Condominium
2
Beds
2F11/2
Baths
1,080
Sq.Ft.
1979
Year Built
2
Days on Site
736801
MLS
***UPDATED PHOTOS Jan. 19th***Beautiful 2 bed 2 1/2 bath unit at Grand Lagoon Cove. Unit is directly across from the tennis courts and next to the community pool. All new vinyl plank flooring,...
$449,000
Neighborhood: College Station Phase 3
5
Beds
2F11/2
Baths
2,627
Sq.Ft.
2023
Year Built
2
Days on Site
736802
MLS
Bay Counties newest community has come to life, These homes are built by one of Bay Counties most sought after builders, Brick homes with spacious floor plans, custom solid wood cabinets, Quartz...
$465,000
Neighborhood: Gulf Highlands Beach Resort
2
Beds
2F11/2
Baths
1,512
Sq.Ft.
1996
Year Built
2
Days on Site
736806
MLS
Wonderful opportunity to own this Extra-Large, Fully Furnished, Fully Updated, Rental Ready End Unit on the Canal. This beautiful townhome is located on the island, only a 3 min short walk to the...
$290,000
Neighborhood: Mill Point
3
Beds
2
Baths
1,319
Sq.Ft.
2022
Year Built
2
Days on Site
736808
MLS
Zillow is Wrong. address is 3508 Mill Point Cove, panama city Fl 32404...Bay Counties newest community has come to life, These homes are built by one of Bay Counties most sought after builders, Brick...
$750,000
Neighborhood: Sweetbay
5
Beds
3F11/2
Baths
3,368
Sq.Ft.
2019
Year Built
2
Days on Site
736809
MLS
Rare opportunity to purchase the largest floor plan in waterfront SweetBay! This home was originally built by Samuel Taylor Homes and features 5 bedrooms plus bonus room. A front bedroom can also...
$259,900
Neighborhood: St And Bay Dev Co
3
Beds
2
Baths
1,375
Sq.Ft.
2023
Year Built
2
Days on Site
736816
MLS
2023 NEW CONSTRUCTION NEAR TYNDALL AFB - This brand-new affordable home will feature 3 bedrooms, 2 baths, an open floor plan (great for entertaining), an interior laundry room, and luxury vinyl plank...
$189,900
Neighborhood: Pine Forest Est Ph 1
3
Beds
2
Baths
1,352
Sq.Ft.
1979
Year Built
2
Days on Site
736826
MLS
Great price on nice 3 bedroom home in Lynn Haven. Home features large lot, detached storage and carport, fireplace, quartz counter tops. Home needs flooring and some minor repairs and cosmetic...
3
Beds
2F11/2
Baths
1,750
Sq.Ft.
2019
Year Built
2
Days on Site
736827
MLS
New Short-term approved listing on Panama City Beach. This 3-bedroom, 2.5-bathroom home is located just a few blocks from the beach! Walking into the home, you will notice the large open concept...
$539,400
Neighborhood: Palmetto Trace Phase III
4
Beds
2
Baths
2,361
Sq.Ft.
2005
Year Built
2
Days on Site
736829
MLS
Welcome to 208 Bainbridge St, well-maintained, 4Bed / 2 Bath, Palmetto Trace beauty! Neighborhood amenities include 2 pools, sidewalks, street lamps, golf cart friendly, walk to Pier Park, Frank...
$367,000
Neighborhood: Point Royal Homes Unit 2
4
Beds
2
Baths
2,229
Sq.Ft.
1976
Year Built
2
Days on Site
736831
MLS
Fantastic location for your busy family! This one owner home with large living spaces both indoor and out give many options for enjoyment. The quiet street is minutes away from the beach,...
$239,000
Neighborhood: Fontainebleau Terrace
1
Baths
330
Sq.Ft.
1965
Year Built
2
Days on Site
736832
MLS
Fontainebleau Terrace, iconic landmark in Panama City Beach, located on the Gulf of Mexico, enormous pool, sun deck, private beach and just a few steps before your toes are in the sugar white sand...
$340,000
Neighborhood: Lakeside By The Gulf
4
Beds
3
Baths
2,194
Sq.Ft.
1968
Year Built
2
Days on Site
736833
MLS
Take advantage of this extremely rare opportunity to own a property nestled in one of the most unique locations on Panama City Beach. Just a short walk or golf cart ride to shopping at Pier Park, or...
$319,000
Neighborhood: Nowell Court
3
Beds
2
Baths
1,290
Sq.Ft.
2005
Year Built
2
Days on Site
736834
MLS
Beautiful updated pool home with all the modern touches. You will love walking through the front door into this totally renovated contemporary home. Fresh paint gives that new home feel. The kitchen...
$625,000
Neighborhood: Seaclusion Beach
2
Beds
2
Baths
1,898
Sq.Ft.
1990
Year Built
2
Days on Site
736835
MLS
WELCOME TO PANAMA CITY BEACH LIVING!! This fully furnished home sits in the Seclusion Beach Subdivision and has a private gated deeded beach access. You are just a short distance to the Gulf of...
Open 1/28
6505 Minneola St Callaway,  FL 32404
$274,500
Neighborhood: C A Taylor's 2nd Addition Calaway
4
Beds
2
Baths
1,566
Sq.Ft.
1976
Year Built
2
Days on Site
736838
MLS
OPEN HOUSE 28 JAN FROM 11:00AM TO 5:00PM. ENTIRELY RENOVATED 4/2 BRICK HOME WITHIN 5 MILES OF TYNDALL AFB. TILE FLOOR THROUGHOUT, BRAND NEW STOVE AND ALL OTHER APPLIANCES 3 YEARS OLD. HVAC SYSTEM...
Open 1/28
1128 Hickory Ave Panama City,  FL 32401
$449,000
Neighborhood: No Named Subdivision
3
Beds
2F11/2
Baths
2,176
Sq.Ft.
2007
Year Built
2
Days on Site
736843
MLS
Don't miss out on this one of a kind find in the heart of the Charming Historic St Andrews.This incredible home has 3br/2.5ba, an office that could easily be used as a 4th bedroom, and a bonus room...
$249,000
Neighborhood: Southport
3
Beds
2
Baths
1,236
Sq.Ft.
1962
Year Built
3
Days on Site
736380
MLS
Newly updated home located on just over half an acre corner lot and new pole barn, so lots of space to add outdoor living and entertainment or whatever you may need, or divide the back portion to...
$199,000
Neighborhood: Fontainebleau Terrace
1
Baths
330
Sq.Ft.
1965
Year Built
3
Days on Site
736763
MLS
Top Floor at Fontainebleau Terrace overlooking the protected pristine Bee-da-wee beach. From your room enjoy the fabulous emerald coast white sandy beach. This unit is perfect for a second home or...
Open 1/28
7516 Chipewa St Panama City,  FL 32404
$429,000
Neighborhood: Baxter Subdivision
3
Beds
2
Baths
2,099
Sq.Ft.
1984
Year Built
3
Days on Site
736765
MLS
Waterfront home with Gulf access! Sitting on a large lot with 104ft of waterfront. This home is a must see. Completely remodeled. Items include energy efficient A/C unit, Water heater, Garage doors,...
$249,900
Neighborhood: Callaway Forest U-2
3
Beds
2
Baths
1,120
Sq.Ft.
1987
Year Built
3
Days on Site
736767
MLS
Great opportunity to own this adorable home in the quiet neighborhood of Callaway Forest. This home features 2 bedrooms, 2 full bathrooms and a bonus room that could be used for an office, playroom...
$475,000
Neighborhood: Edgewater Beach
1
Beds
1
Baths
743
Sq.Ft.
1990
Year Built
3
Days on Site
736766
MLS
Beautiful Renovated * 1bedroom 1bath has been Renovated from ceiling to floor. The following upgrades Luxury LVP flooring, upgraded molding throughout to include board and batten accent wall, shiplap...
$359,900
Neighborhood: Hathaway Townhomes
3
Beds
2F11/2
Baths
1,514
Sq.Ft.
2018
Year Built
3
Days on Site
736768
MLS
Amazing opportunity to own this lake-front, furnished townhome built in 2018. STR allowed! This like new home has the BEST Location in the complex with stunning water views from the living room,...
$199,000
Neighborhood: No Named Subdivision
4
Beds
2
Baths
1,404
Sq.Ft.
2003
Year Built
3
Days on Site
736772
MLS
Have you been looking for the perfect home out in the country with acreage, but still conveniently located near highway 77? Look no further! This doublewide is situated on 2 acres and consists of a...

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Phone(850) 814-6999

Email[email protected]

Address Virga Realty, Inc.
2524 Pelican Bay Ct
Panama City Beach, FL 32408

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