Average Closing Cost By State

Average Closing Cost By State


More Than Half Of All Buyers Are Surprised By Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs


According to a survey conducted 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.com gathered closing 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.

More Than Half of All Buyers Are Surprised by Closing Costs | Keeping Current Matters

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.”

Bottom Line

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.


Robin ONeal-Smith Headshot
Author:
Phone: 214-245-9068
Dated: September 27th 2017
Views: 81
About Robin: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

You Deserve A Luxury Home - Moving-Up To A Luxury Home? Now
Oct 4 2017 23432 1 - Should I Buy A Home Now? Or Wait
What The Equity - Home Sales Expected To Increase
Average Closing Cost By State - More Than Half Of All Buyers Are

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Brodrick Rhodes
2717 Commerce St.
Dallas, TX
469-552-4097