Closing costs are one of the most consistently surprising parts of the home-buying process. Buyers who have been saving for a down payment for months — sometimes years — arrive at closing to discover an additional $7,000 to $12,000 they weren't fully prepared for.
This guide explains every component of closing costs for Virginia buyers, shows you what's typically negotiable, and gives you a realistic picture of what to plan for before you ever write an offer.
What Are Closing Costs?
Closing costs are the fees, charges, and prepaid expenses required to complete a real estate transaction. They cover the lender's costs, the title company's work, government recording fees, and the setup of your escrow account. In Virginia, buyers typically pay 2–3% of the purchase price in closing costs — in addition to the down payment.
On a $350,000 home, that's $7,000–$10,500. On a $450,000 home, $9,000–$13,500. These numbers are real, and they're due at closing — meaning you need this cash available on top of your down payment.
The Complete Breakdown — $350,000 Purchase Example
Your lender is required to provide a Loan Estimate within three business days of your application — and a Closing Disclosure at least three business days before closing. These documents let you see and compare the actual numbers. Read both carefully.
What's Negotiable?
More than most buyers realize.
Seller concessions: In some market conditions, you can negotiate for the seller to cover a portion of your closing costs. This is more common when homes have been sitting, when you have a strong offer otherwise, or when the seller is motivated. We evaluate this possibility in every transaction.
Lender fees: Origination fees, underwriting fees, and processing fees vary between lenders. Shopping at least two or three lenders — and comparing their Loan Estimates side by side — can reduce your costs meaningfully. Even a $1,000 difference in fees is worth knowing about.
Title insurance: In Virginia, you can sometimes shop for your own title company rather than using the one your lender recommends. Rates vary, and it's worth comparing.
What's not negotiable: Recording fees are set by the city or county. Prepaid items (insurance, taxes, interest) are based on actual costs and your closing date — these don't change.
The Loan Estimate vs. The Closing Disclosure
You'll receive two key documents during the mortgage process. The Loan Estimate comes early — within three business days of your loan application — and gives you an estimate of closing costs. The Closing Disclosure comes at least three business days before closing and shows you the final, locked numbers.
Compare the two carefully. Some fees cannot increase at all between the Loan Estimate and the Closing Disclosure. Others can change up to 10%. And some can change without limit. Knowing which category each fee falls into — and flagging anything that moved unexpectedly — is part of what we help you navigate.
How to Plan for Closing Costs
Our recommendation: budget 3% of your anticipated purchase price for closing costs, and keep it separate from your down payment savings. That way, you're not making the mistake of arriving at closing having spent what you needed for fees on earnest money, inspections, and moving logistics.
For a $350,000 purchase: set aside $10,500 for closing costs alongside your down payment. If you end up spending less, great — that's your move-in buffer.
A buyer session answers all of this — before you need it.
We walk buyers through the full cost picture before they start looking at homes. No pressure — just the information you need to make good decisions in Hampton Roads.
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