According to a surveyconducted by ClosingCorp,over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.comgatheredclosing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.
Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,
“Closing costs are typically between 2 and 5% of your purchase price.”
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
Author:Robin ONeal-Smith Phone: 214-245-9068 Dated: September 27th 2017 Views: 96 About Robin: ...
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Scottie Smith, a native of Houston,Texas, has an extensive background in real estate. Mr. Smith specializes in sales,investments, property analysis and valuation of multifamily and single family properties in Texas. He has been recognized nationally as an exceptional leader in real estate and locally by the City of Denton Mayor, And the Dallas Chamber of Commerce as a leader in providing housing for the public. Mr. Smith’s passion for real estate as well as his drive to create the perfect real estate transaction is what drives his success. Because of this, Mr. Smith was awarded one of the Top Honors by the National Association of Realtor as one of the Top 30 young Real Estate Brokers Under 30.
Scottie Smith holds a B.B.A in finance from the University of North Texas and a M.S in accounting from the University of Notre Dame. While attending the University of North Texas, Scottie completed his first real estate transaction at the age of only 19.