Average Closing Cost By State

Dated: 09/27/2017

Views: 100


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.

Latest Blog Posts

What Is The Cost Of Waiting Until Next Year To Buy

What Is The Cost Of Waiting Until Next Year To Buy?We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time,

Read More

7 Pricing Myths To Stop Believing If You Ever Hope To Sell Your House

7 Pricing Myths to Stop Believing If You Ever Hope to Sell Your HouseBsWei/iStockPricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you

Read More

The Number One Reason To List Your House Today

The #1 Reason To List Your House Today! Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that

Read More

The Most Common Questions Asked By Home Sellers Answered

The Most Common Questions Asked by Home Sellers—Answered!Westend61/Getty ImagesSelling a home you've lived in and loved over the years isn't exactly like unloading your collection of old Slayer

Read More