What closing costs should you expect?
There are certain basic fees associated with closing the sale of a house. These costs are usually split between the buyer and seller, as noted in the sales contract. Many are customary, but there are nuances to each, so you'll want a real estate expert in Ohio to help guide you through your process.
Costs pertaining to your mortgage to be paid at closing.
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account - At closing, these taxes are usually paid
- Property Taxes
- Transfer Taxes and Recording Fees - At closing, these fees are often due Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers: As we hammer out your transaction, not only will I work to get the highest sales price, but I'll also advocate for lower closing costs. And once we've come to an agreement, I'll fully explain the closing costs so you know exactly what you're paying for.
Buyers: When buying real estate in Cuyahoga County, you will get 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 past experiences and is required to be within an acceptable range so you're not surprised when you get to closing time. I'll be happy to go over the GFE with you, answering your questions and highlighting any estimates that are uncertain.