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Frequently Asked Questions
Common Closing Costs
Common Closing Costs for Buyers
The search is over. You have finally found your Texas Hill Country home and will be moving to Fredericksburg soon. The date of closing is approaching and you may be wondering what to expect on your closing statement.
If you are obtaining a loan in order to purchase the property, the lender must disclose a good faith estimate of all settlement costs. The check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
- Downpayment.
- Loan origination fees.
- Points, or loan discount fees you pay to receive a lower interest rate.
- Appraisal fee.
- Credit report.
- Private mortgage insurance premium.
- Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
- Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
- Deed recording fees.
- Title insurance policy premiums.
- Survey.
- Inspection fees—building inspection, termites, etc.
- Notary fees.
- Prorations for your share of costs such as utility bills and property taxes.
A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
What to Keep From Your Closing
Moving to the Texas Hill Country and especially Fredericksburg is a dream many share and many have realized this dream through careful and informed planning. Spend a moment to look through some of the other information available in our FAQ list; you might find it worth the investment!
Sincerely,
Brett A. Bruster, MBA, e-PRO, SRES, ABR
Realtor Associate
CC Herber Co., Real Estate
145 E. Main St.
Fredericksburg, TX. 78624
Brett@brettbruster.com
(830)997-4323 Office
(830)997-8258 Home
(830)456-6243 Cell
For more information about Fredericksburg and Texas Hill Country real estate, visit our Frequently Asked Questions or Links page.
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Acreage Variable Acres - S/W of Fredericksburg Fredericksburg, Texas See Info |
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4/ 3/ 1 - 2816 Sq Ft - Fredericksburg Fredericksburg, Texas $519,000 |
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10 Acres - Kramer rd. Harper, Gillespie Co., Texas $69,000 |
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8.733 Acres - Fredericksburg, Texas $179,500 |
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25 Acres - North of Fredericksburg Fredericksburg, $650,000 |
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4.4 Acres Acres - N/E of Fredericksburg Fredericksburg, Texas $176,000 |
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3/3/None - 1,380 Sq Ft - S of Main Street Fredericksburg, Texas $415,000 |
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9.718 Acres - Fredericksburg, Texas $199,500 |
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60 + / - Acres - East of Fredericksburg Hye, Blanco County, Texas $477,000 |
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50+ Acres - N/W of Fredericksburg Fredericksburg, Texas $499,000 |
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188 Acres - North of Fredericksburg Fredericksburg, Texas $1,600,000 |
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300+/- Acres - South of Fredericksburg Fredericksburg, Texas $2,400,000 |
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57.5 acres Acres - Fredericksburg, Texas $575,000 |
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3/3/Yes - 1644 Sq Ft - N/E of Fredericksburg Fredericksburg, Texas $224,900 |
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5/3/DBL - 3679 Sq Ft - S/W of Fredericksburg Fredericksburg, Texas $1,100,000 |
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2/1/Sing - 1,010 Sq Ft - Fredericksburg Fredericksburg, Texas $ 164,900 |
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135.04 Acres - N/W Gillespie County Harper, Gillespie County, TX $575,900 |
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8.786 Acres - Fredericksburg, Texas $189,500 |
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108.2 Acres - Fredericksburg, Texas $ 810,000 |
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4.29 Acres - Fredericksburg, Texas $125,000 |
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24.99 Acres - Fredericksburg, Texas $287,500 |
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3/2/ - 2258 Sq Ft - Fredericksburg, Texas $315,000 |
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14.93 Acres - Fredericksburg, Texas $375,000 |
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25 Acres - Fredericksburg, Texas $325,000 |
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