by Nikki Doyle | June 21, 2017 11:27 pm
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By Guest Author Greg Davidson, Licensed Mortgage Originator 
Closing costs are fees that are paid as part of a real estate transaction. Because buying a home is a contract between a seller and a buyer, and the property changes hands, there are various costs and several people involved.
In most cases, there are four categories of closing costs:
To obtain a home loan, there are costs incurred by the lender to pay the processor, underwriter, and closer. These costs are generally passed on to the buyer. There may also be loan origination fees depending on the type of loan the buyer is getting.
Third Party Expenses
Credit reports, property appraisals, inspections, etc. are paid to a third party vendor for providing or performing these services.
Attorney’s fees, title search fees, title insurance and recording fees are costs that may fall into this category.
Interim interest, homeowner’s insurance, and property taxes are ongoing costs of homeownership that may be paid in advance, up front at closing.
In some situations, it can be negotiated in the purchase contract to have the seller pay some or all of the closing costs. Your real estate agent can help you negotiate this, but the more you know about closing costs before you apply for your mortgage, the better!
Jen McCann, a Realtor who specializes in helping home buyers and sellers in Fairfax, Loudoun, and Prince William counties, knows a house is more than just three bedrooms, two baths, and garage. It's an investment in your life — one of the biggest you'll ever make! Jen also believes more information leads to better decisions! That's why she is dedicated to educating first time home buyers and seasoned homeowners before and during the home buying and selling process.
In addition to private consultations, Jen hosts in-person seminars and online webinars for buyers and sellers. These free, no-obligation opportunities are an excellent way to understand the ever-changing market, what things families need to consider when buying or selling, and much, much more! Visit Jen McCann, Realtor, at RE/MAX Gateway, 7521 Virginia Oaks Dr., Ste. 100 | Gainesville, VA 20155. Connect: Online | Facebook | Twitter | O: (703) 754-1700 | M: (703) 587-8787.
This postings is solely Jen McCann's own opinions and do not represent the views of RE/MAX Gateway. Each office independently owned and operated.
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