What Are Buyer Closing Costs In Woodbridge Virginia?
How Much Should I Expect To Pay And For What Shall I Be Paying?
A Skilled Negotiator Can Get The Seller To Pay The Buyer's Closing Costs
Most folks who are house hunting have already seen a loan officer to get prequalified and preapproved for a home loan.
When you apply for a loan, the loan officer is required by federal law to disclose the closing costs associated with your loan.
Most home shoppers glaze over when they see a 14" long list of numbers on tiny lines.
In simple terms, typical closing costs on a home loan in Virginia run 2.75% - 3% of the purchase price.
The bulk of closing costs go to two entities: First, the county/state transfer taxes; Second, lender fees that pay for origination of your loan.
There are savings accounts called "escreow" accounts for payment of taxes and insurance. Each month, the bank collects 1/12 of your tax bill and insurance bill, then puts that money into a savings account for the payment of taxes twice each year, and insurance once each year.
A skilled agent will urge you to ask the seller to pay your buyer closing costs in the offer to purchase the house. You may have to pay a few extra bucks each month because you'll be offering a higher price, but a simple break-even calculation shows that it will take 360 months to recapture the closing costs.
You can find out more about seller paid closing costs by sending your questions to Erick atErick@ErickAndCompany.com or call Erick at 703-677-1120.
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