Over Half a Million Buyers are Surprised by Closing Costs
According to a rent survey conducted by Closing Corp, over half of all home buyers are surprised by the closing costs required to obtain their mortgage. After surveying a thousand first time and repeat home buyers, the result reveal that 17% of home buyers are surprised that closing costs are required. Another 35% are stunned by how much higher the fees are than expected. Bankrate.com recently gathered closing cost data from lenders in every state and Washington D.C. They share the average cost in each state. The map below is created using the closing costs on a $200,000 mortgage with a 20% down payment.
“Closing costs are typically between 3 – 5% of the purchase price.”
Gold $2,500 – $2,749 Light Blue $2,250 -$2,449 Med Blue $2,000 – $2,249 Dark Blue up to $1,999
Keep in mind that if you are in the market for a home above this price range, your costs could be significantly more depending on your taxes and purchase price.
Speak with you agent and lender before starting your home search to determine how much you are going to be responsible for at the closing. Finding out that you need to come up with thousands of dollars more two days before closing can be upsetting . Borrowing from friends, parents or dipping into your meager moving or fix it funds is not a nice surprise for anyone!
Andra Rosiello Matera 917-750-9855
Licensed Realtor, Charles Rutenberg Realty
Senior Citizen Real Estate Specialist, Military Relocation Specialist, E-Pro, Accredited Buyer Representative