Hi everyone, I am your Tampa Bay real estate expert and realtor, Lance Moore. In this video, I want to discuss closing costs, how they work, and what you need to know about them when you're buying a home. Music Alright, let's talk a little bit about closing costs. The reason why I wanted to do this video is because we're in a really good real estate market, and I know a lot of realtors and lenders are becoming complacent. They're simply telling people to go to their website, fill out an application, and providing them with a good faith estimate that only includes the closing costs without explaining everything. First off, before I get into the closing costs, I just want to let you know that if you've been watching these videos, I'm not a big fan of big banks, especially Bank of America. In my experience as someone who has been in the lending and real estate industry for over 20 years, they often have internal problems and struggle to close deals on time. I prefer working with someone who is actively seeking business, like a mortgage banker or a broker. Now, let's discuss the difference between a bank like Bank of America or Wells Fargo, and a mortgage broker when it comes to closing costs. Banks lend their own money, so their interest rates are usually higher because they price them at retail. However, their closing costs tend to be lower compared to mortgage brokers. Mortgage brokers, on the other hand, get the pricing at wholesale, which means the interest rate may be slightly lower. However, their closing costs are higher because they have additional fees for underwriting, processing, and closing. When I mention closing costs, I am referring to the actual costs required to close a loan. I...
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