All About Fairfax County VA Homes for Sale Closing Costs
Buying Fairfax County VA homes for sale involves a variety of expenses. You have to come up with a down payment, find a mortgage lender, and put together enough money for closing costs. Many people have heard about closing costs, they know they have to pay them to buy Fairfax County VA homes for sale, but don’t really understand what they’re paying.
Closing costs are the fees charged by agencies involved in the selling of a home. You’re paying the title company for the paperwork, the lender for processing the loan and various government offices for recording the paperwork. The fees charged by the agencies differ in each Fairfax County VA real estate purchase.
It’s difficult for anyone to tell you precisely what you’ll be paying because of those fluctuating fees. The amount might vary from 1% to as much as 8% of the total price of the home, although it usually remains between 3% and 5%. Lenders will give you a more accurate estimate called a Good Faith Estimate.
When you get your Good Faith Estimate, read everything carefully. Ask questions about anything you don’t understand. And remember this is an estimate, not the exact amounts you’ll be paying. At least one day before closing, get your final tally of the closing costs from your lender. Compare this to your Good Faith Estimate to make sure no additional fees were added. If you see inconsistencies, talk with your lender and REALTOR® immediately to resolve these issues.
If you don’t have enough cash to cover the closing costs for the Fairfax County VA homes for sale you’re buying, you might try to get these costs rolled into the mortgage.
For instance, if you qualify for a $200,000 loan, the closing costs may be about $6,000. You can ask the lender to add this expense to the loan, meaning you borrow $206,000. For you to be able to include the closing costs in the mortgage, however, you have to be able to qualify for the larger loan and be able to afford the higher payments.
Closing costs can be covered in a variety of different ways, including asking the seller to pay a portion of them. You may even be able to cut your closing costs by shopping around for lenders with lower closing costs or asking your preferred lender if they’re willing to decrease any of their fees.
I would love to assist you in looking at Fairfax County homes for sale. Together we’ll find one that you love and will fit your budget. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com now!
Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939
