If you are a first time homebuyer considering the purchase of a Charlottesville home, there are many parts of the homebuying process that are new to you. One question that I am often asked is what are closing costs?
The following is a list of items that are usually included in closing costs ( some items may vary as to state):
- Attorney or closing company fees - yours and your lenders
- Property taxes - these will be prorated between the buyer and the seller
- Interest on the loan - from closing date to 30 days before the 1st monthly payment
- Loan origination fee - covers lender's administration costs
- Recording fees
- Cost of survey
- First premium of mortgage insurance - if applicable
- Title insurance - for you and your lender
- Loan discount points
- First payment to escrow account for future real estate taxes and insurance
- Paid receipts for homeowners, fire and flood insurance policies
- Documentation preparation fees
- Appraisal fee
- Credit report
- Prorated amount for any fuel already purchased by seller remaining in fuel tanks
Your closing company or attorney will be able to give you a sample HUD form and go over what fees will apply to you.
Information courtesy of HUD
If you are a first time homebuyer looking for a Charlottesville Virginia home or real estate in the Central Virginia area, I would be happy to talk with you and go over what you can expect in the homebuying process. Together we can go over the features you would like to have in a home and start the search to find your dream home.
Or search all of the Charlottesville, Virginia, Albemarle County, and Central Virginia homes currently on the market.
Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
434 960-0161
Charlottesville Homes
Charlottesville Horse Farms
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