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.
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.
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