closing cost calculator va
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closing cost calculator va

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FAQ

How much does it cost to fill out a swimming pool?
The average price of water in the United States is about $1.50 for 1,000 gallons. The water required for a pool is in between 15000 gallons to 25000 gallons, you can do the maths now. One important thing is that ask your pool construction company that, is it ok to fill up water continuously or not. They can suggest you in a better way.
How can I estimate real estate closing costs?
Closing costs fall into two categories. There are the costs to process the loan application and closing agent fees, and the costs associated with insurance, property taxes and other items related to the property such as HOA dues if applicable.Within the first category are things like the appraisal fee, loan origination fee, discount points (prepaid interest), title insurance premiums, and fees to the escrow agent or closing attorney.The seller is responsible for taxes and HOA dues up until the day of closing and the buyer is responsible for taxes from closing day forward. If taxes and dues have been paid for the year then the seller will be due a refund at closing. The buyer will be expected to bring this money to the table. In addition, if a mortgage is involved, an escrow or impound fund needs to be established and is administered by the lender. This fund will contain a amount of money equal to approximately four to six months worth of taxes and insurance. Thereafter your monthly payment will consist of principal and interest and an amount for taxes and insurance. The lender will pay your annual taxes and insurance for you.All these thing constitute what are commonly called closing costs. Your loan officer will provide you with a good faith estimate of these charges within three days after you apply for your loan and can answer any questions in more detail.
How do you calculate closing costs?
Great question and one that really depends on the kind of Real Estate purchase you are doing. I am a Mortgage Lender, so I will breakdown costs from my perspective when reviewing this with my clients seeking a mortgage loan.Closing costs on a mortgage loan are broken down into 6 categories. When you read a Loan Estimate and Closing Disclosure, you will see how these all come together. It’s important to note that not ALL the costs are considered “closing costs” because certain regulations define some costs as “closing” costs and others as “settlement” costs. This is where is gets confusing and why some people say they weren’t properly informed. I include both for the sake of the answer.Lender Fees - these are costs associated with your lender and may include the appraisal fee, origination, an application fee, credit report fee and mortgage insurance (if applicable even if financed in the loan)Pre-Paids - Items that are required upfront such as your Homeowner’s Insurance policy (12 months) and pro-rated interest depending on your closing.Escrow Account - A separate account where your monthly property taxes and Homeowner’s insurance premiums are collected. Typically 2–5 months for taxes and 2 months for insurance depending on when you taxes are due to the county or city you’re buying.Title Fees - There is a title report policy, escrow fee, notary fee, etc all items charged by the title company.Government fees - Can include a recording fee and transfer taxes (if applicable)Misc. - Anything that must be paid such as a survey fee, HOA dues or HOA transfers, etc.In total, you can expect to pay 2.5% - 3.5% of the purchase price in closing & settlement costs combined for purchases $275k or below. Anything above $275k, expect 2%-3%. It really depends on your state and the county you are buying in. If there are transfer taxes, you may pay a little more if the Sellers are not covering it for you.Remember that the Sellers can pay closing costs on your behalf in a mortgage transaction. A good Realtor will help you negotiate this in the purchase. It’s a good idea to work with your Realtor AND Lender when you are getting pre-qualified to get a better picture of your closing costs. They have partnerships with title companies where they should be able to estimate the costs better.-Chris
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