What closing costs should you expect?
There are certain ordinary expenses related to closing the sale of a house. These expenses are usually split between the buyer and seller, as dictated in the sales contract. Many are universal, but there are nuances to each, so you’ll want a real estate expert in Texas to help guide you through the deal.
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 negotiate your sale, we’ll not only work to get the optimal sales price, but we’ll also advocate for limited closing costs. And once we’ve reached an agreement, we’ll give a detailed list of the closing costs so you are aware of exactly where your money is going.
Buyers: If you are buying real estate in Travis County, you’ll 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 astonished when you show up at closing time. We’ll be willing to look over the GFE with you, answering your questions and highlighting any estimates of concern.