Closing costs you should expect
There are certain expected costs accompanying closing the sale of a house. These expenses are usually split between the buyer and seller, as directed in the sales contract. Many are customary, but there are nuances to each, so you’ll want a real estate expert in Central Virginia to help direct you through your transaction.
Costs pertaining to your loan to be paid at closing
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes commonly paid at closing
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance fees due at closing
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers: As we hammer out your deal, not only will we work to get the highest sales price, but we’ll also campaign for reduced closing costs. And once we’ve reached an agreement, we’ll fully explain the closing costs so you are aware of exactly what you’re paying for.
Buyers: When purchasing real estate in Albemarle County, you will receive a “Good Faith Estimate” (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer’s previous experience and is required to be within an acceptable range so you’re not startled when you reach closing time. We’ll be glad to review the GFE with you, answering your questions and highlighting any estimates that appear to be out of the ordinary.