Over Half Of All Buyers And Sellers Are Surprised By Closing Costs

Dated: 03/02/2017

Views: 233

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   According to a recent 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.comrecently gathered closing cost data from lenders in every state and Washington, D.C. to be able 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 more. 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.



Spring Is Coming!
Are you interested in Buying or Selling a Home? The Market is Strong !
Please contact me anytime for a Free Market Value Analysis.
http://christina.buyinginaustin.com/


Christina Haverty

REALTOR®, GREEN, GRI, CNE

512 693 8604 office /512 632 3162 cell 

http://christina.buyinginaustin.com/ 

Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!

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Christina Haverty

Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!....

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