Custom designs don’t come cheap. And if you’re like most people you may not always be able to afford the luxury of hiring an interior designer or a contractor to enhance your home with

Dated: October 15 2019
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When you buy a home in Vero Beach, whether you use a VA loan or any other type of financing, you will most likely be responsible for paying closing costs. You may not need to pay all of your closing costs directly out of pocket. In some cases, buyers can even negotiate with sellers for “credit” toward closing costs.
So what are closing costs, and what goes into determining the amount you will have to pay?
What Are Closing Costs?
Closing costs include all of the fees you incur as part of obtaining a mortgage. These fees can include:
· A fee for checking your credit
· A loan origination fee (this is the fee lenders charge for processing loan paperwork)
· Appraisal fees
· Escrow deposit
· Inspection fees
· Prepaid expenses, such as homeowners insurance and interest that is due before your first payment
· Recording fee (paid to the city or county for recording new land records)
· Taxes
· Title insurance
· Underwriting fee (this is the fee lenders charge for evaluating a mortgage loan application)
How Much Are Closing Costs?
Usually, buyers pay between 2 and 5 percent of the home’s purchase price in closing costs. Fine line, lenders have to give you a good faith estimate, or GFE, that reflects how much closing costs will be within three days of your loan application. However, the good faith estimate can legally change by up to 10 percent.
Can You Avoid Paying Closing Costs?
In some cases, such as those that involve VA loans, buyers can avoid paying some closing costs. Sometimes, you can obtain are no closing cost mortgage—but remember, these types of mortgages can end up costing you more money in the long run. Finally, you may be able to negotiate and get the seller to pay your closing costs.
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Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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