Are you are dreaming and shopping …for the purchase of your new home?  You probably can’t wait for your closing date to come so you can get your keys and move in. You’ve got it all planned out, right?

Did you plan for closing costs?                                       

One thing that many new buyers fail to take into consideration is that here are closing costs associated with buying a home.  If you are in the home stretch, we want to help. Below is a quick guide to closing costs:

 During closing, when the title of the property is transferred from the seller to the buyer, there are fees that will need to be paid.  Anyone putting together a budget for the purchase of a home needs to put aside 2 to 5 percent of the loan for closing cost fees. 

Some of the closing fees that might be added include:

  • Attorney fee
  • Credit report fee
  • Escrow Deposit for Property Taxes and Mortgage Insurance
  • Home Inspection
  • Homeowners Insurance
  • Prepaid Interest
  • Property tax
  • Survey fee
  • Title Company Title Search

Here are some tips to help you navigate as you near the finish line:

  1. Keep in contact with your bank.
    Closing costs vary widely based on a number of factors such as where you live and the property you buy.Talk to your lender and find out what items from the list above will need to be paid out at closing. At Wallkill Valley Savings and Loan, we are here for you from start to finish in the whole mortgage process and are happy to answer any questions you may have.
  2. Keep your budget up to date.
    When buying a home costs tend to add up rather quickly.It is likely you will run into costs that you need to layout right away such as repairing the fence, painting the living room, or replacing the carpet.That is even without the new furniture that you may need to purchase to turn your house into a home.Our advice is to make sure you keep track of all that you are spending along with your mortgage so that when closing time comes, you have enough money set aside.
  3. Keep in mind our Closing Cost Credit promotion.
    Not only does Wallkill Valley Federal Savings and Loan offer competitive rates, in-house approval, faster processing and low fees, but from now until the end of August, we are offering a $750 closing cost credit**.This way you can some breathing room in your budget.

Have any additional questions?

We are here to help.  The team at Wallkill Valley Federal Savings and Loan, we would be happy to sit down with you and walk you through the entire loan process from the documents needed to the pre-qualification letter to the loan application all the way through to the closing on your new home. We want to establish a relationship with our customers and help them achieve their financial goals so if you are buying a home, please give Michael Cappillino a call at 845-895-2051 x254 or Domenic Baiocco at 845-895-2051 x238.

Wallkill Valley Federal Savings and Loans is an equal opportunity lender and a member of the FDIC. NMLS# 404992

**  $750.00 Closing Cost Credit promotion offer is for purchase loan applications on 1-4 family owner occupied properties with the property identified and the application received after March 1, 2017 and before August 31, 2017.  $750.00 Closing Cost Credit cannot be used towards down payment and is not available on home equity or home equity lines of credit. This is not an offer for an extension of credit or a commitment to lend and is subject to change without notice. Investment properties are excluded. Property must be located in Ulster, Orange or Dutchess county. Certain restrictions or limitations to any program may apply.