Closing costs are part of the home buying process. As long as you know what to expect, there shouldn’t be any surprises, and transactions go smoothly.
For help with figuring out what your closing costs might be, just call or email. The team at Green Light Real Estate can work up an accurate estimate for you, so you’ll have a good idea as to what the costs will be.
As a summary, here’s an extensive list of closing costs for purchasing real estate in Vermont. Not all of these apply to each transaction. Again, call or email for more detailed explanations.
A really rough ballpark is that if you're a BUYER using a low down payment loan, such as FHA, VA, or Rural Development, you can plan on closing costs being between 3% and 5% of the purchase price. If you're buying without using a mortgage, then your closing costs go down dramatically. Not to zero, unfortunately, but closer to 2% of the purchase price. Again, these are ROUGH estimates, and there are many variables that go into figuring closing costs. At Green Light Real Estate we can walk you through a personalized and detailed breakdown so you don't have any surprises.
- Down payment
- Loan origination fees and/or points
- Appraisal fee
- Credit report
- Flood certification
- Private mortgage insurance (PMI)
- Homeowner’s insurance premium paid in advance
- Property taxes paid in advance
- Buyer attorney fees
- Recording fees
- Mortgage title insurance policy
- Owner’s title insurance policy
- Mortgage interest pro-ration
- Fuel pro-ration
- Utility pro-ration
- Property Transfer Tax
- Property inspection
- Water test
- Radon test
- Septic inspection
- Non-covered requested repairs prior to move-in
- Non-covered immediate repairs after move-in