Subscribe in a reader

Kris and Kim's Blog

Great Stuff on Interesting Topics
Over Half of All Buyers Are Surprised by Closing Costs

Over Half of All Buyers Are Surprised by Closing Costs

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.  Another 35% were stunned by how much higher the fees were than expected. Over Half of All Buyers Are Surprised by Closing Costs

Over Half of All Buyers Are Surprised by Closing Costs

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com recently 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.

Over Half of All Buyers Are Surprised by Closing Costs | MyKCM

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

In conclusion, speak with your lender and agent to determine how much money you’ll need at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone wants.

 

Kris and Kim Darney – REALTORS® – Grandparents – 714.657.6634
Neighborhood Updates In Your Email!

Neighborhood Updates In Your Email!

Join our mailing list to receive the latest news and updates from K&K.

You have Successfully Subscribed!

Pin It on Pinterest

Shares
Share This
%d bloggers like this: