Serving Windsor County, Vermont
    dana@darkhorserealty.com
    (802) 484-7388

Dark Horse RealtyDark Horse Realty

Reading, Vermont & Beyond

  • About
    • Dana Waters, Broker
    • Paula Waters, Agent
    • Richard Spanjian, Agent
    • Scott Monahan, Agent
  • Our Towns
    • Reading
    • Woodstock
    • Brownsville & West Windsor
    • Weathersfield
    • Springfield
    • Hartford/Quechee
    • Windsor
    • Cavendish
    • Hartland
  • Buyers
    • Area Info
    • Homes for Sale
    • Land for Sale
    • Buyer Testimonials
  • Sellers
    • Why List with Us
    • Seller Testimonials
  • Horse Properties
    • Area Horse Properties
    • Woodstock Horse Properties
    • West Windsor Horse Properties
    • Reading Horse Properties
    • Weathersfield Horse Properties
    • Windsor Horse Properties
    • Hartland Horse Properties
    • Cavendish Horse Properties
    • Springfield Horse Properties

Your Closing: Costs & Tips

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

  • Down payment
  • Loan origination
  • Points, or loan discount fees, which you pay to receive a lower interest rate
  • Home inspection
  • Appraisal
  • Credit report
  • Private mortgage insurance premium
  • Insurance escrow for homeowner’s 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
  • Title insurance policy premiums
  • Land survey
  • 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 five 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.
Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer’s Guide (Real Estate
Center at Texas A&M.

Posted in: Buy Vermont Home, Buyer's Resources, Vermont real estate Tagged: advice for buyers, first-time homebuyer, real estate closing, real estate closing advice

Checklist: What You Need for a Mortgage

  • W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
  • Copies of at least one pay stub for each person signing the loan.
  • Account numbers of all your credit cards and the amounts for any outstanding balances.
  • Copies of two to four months of bank or credit union statements for both checking and savings accounts.
  • Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
  • Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
  • Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
  • Copies of your most recent 401(k) or other retirement account statement.
  • Documentation to verify additional income, such as child support or a pension.
  • Copies of personal tax forms for the last two to three years.

Posted in: Buy Vermont Home, Buyer's Resources, Vermont real estate Tagged: first-time homebuyer, mortgage

Meet Our Team

Scott Monahan, Agent

Paula Waters, Agent

Richard Spanjian, Agent

Dana Waters, Broker

Explore Our Towns

  • Reading, VT
  • West Windsor, VT
  • Woodstock, VT
  • Weathersfield, VT
  • Windsor, VT
  • Springfield, VT
  • Hartford, VT
  • Hartland, VT
  • Cavendish, VT

Tips & Advice

Take the Stress Out of Buying a Home

Questions to Ask Your Lender

Why Use a Realtor to Sell Your Home?

Contact Us

Dark Horse Realty
3642 Rt 106,
Reading, VT 05062
(802) 484-7388
dana@darkhorserealty.com


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