When you find a house that fits into your budget then you have completed one part of the house buying process. You will need professional guidance for closing on your dream home and Katerina can help you understand the breakdown of the closing costs.
Anticipated closing costs
There are some specific costs that are associated with the closing sale of the house. Buyers and sellers both have to pay these costs equally and the rules are always stated in the contract. Some costs are traditional but there are some complexities as well and you will need a professional Real Estate Broker to help you through the process in Oregon.
The closing costs that are most common with a home purchase are as follows:
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Tax authorities also collect following taxes while closing:
- Property Taxes
- Transfer Taxes & Recording Fees
These fees are always due while closing:
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Within 3 days of submitting an loan application for buying real estate in Oregon, you will be given a “Good Faith Estimate” of all the closing costs. This estimate varies with the experience of loan officer but it is in a reasonable range so that you can easily make you way to the closing table. Katerina will help you to go through the entire documentation of GFE and will also let you know about all of the complexities so that you can modify the contract before signing.