Buying a home in Hampton Roads, Virginia area
Buying a home is a huge decision and homebuyers need to be prepared for paying some fees up front besides the first mortgage payment. Both buyers and sellers will have costs to pay on the transaction. Usually, the sellers pay for the real estate commissions and the buyers are paying more fees that are associated with getting a loan for the home.
If you are purchasing a new home occasionally the builder will help the homebuyer cover some of the costs as an incentive. If you are looking to buy a resale home the seller may help cover a percentage of the closings costs depending on the market and terms of the sale.
When you arrange financing with a lender they will give you a Good Faith Estimate with an explanation of closing costs. Closing costs for the buyer are usually a percentage of the loan amount – usually around 2-3% of the loan amount.
Unless you have negotiated your closing costs to be paid, here are some examples of what you might be expected as the buyer to pay:
- Application fee
- Appraisal fee
- Origination fee
- Prepaid interest
- Prepaid insurance
- Title insurance
- Credit report fee
- Recording fee
- Flood certification fee
We have access to various programs, grants and tax incentives for homebuyers that you may qualify for to cover the down payment and the closing costs. We will help you find a good reputable local lender to help guide you through the mortgage process.
All/Pros Realty has been serving clients and the community since 1996 and we know how to negotiate for the buyers best interest. Not only is finding the home for your family and getting a great price one of our goals, but we also know what to ask for in a contract for your best interest.
All/Pros Realty can assist you with buying any home in the area whether it is listed on the MLS or For Sale By Owner and many homes can be found even before they are advertised. We specialize in neighborhoods in Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton, Newport News, Williamsburg.
Contact our team at (757) 467-9555 for an explanation of closing costs and how we can help negotiate and purchase a home with minimal out of pocket expenses.