Sep 26 2017 18775 1

Dated: September 26 2017

Views: 87

More Than Half of All Buyers Are Surprised by Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM

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 | MyKCM

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.

Blog author image

Chauntel Enzweiler

Although I want to share a little information on my background and marketing, this is more about you. What will help you sell quickly for maybe even more money than the house (down the street) Having ....

Want to Advertise on this Site?

Latest Blog Posts

Sell Your Home For Top Dollar All By Yourself

How to Sell Your Home Better Than Any Ordinary AgentWelcome FSBOs!!.Unlike some real estate agents, I don’t view For Sale By Owners as greedy or ignorant, but as patient and brave individuals for

Read More

DHF Questionnaire

What is your budget?How many bedrooms would you like?How many bathrooms would you like?Do you want a condo, townhome, single family home, multi family home, commercial, or land?What style would you

Read More

Glass Lane Farm

GET MORE INFOMORE LOCAL PROPERTIES FOR SALELand ListingsResidential ListingsDEAL OF THE DAY100 Acres w/ Nearly a Mile Of Road FrontageAt Regional Realty, we are pledged to the letter and the spirit

Read More

Secret List Of Homes

Hello Buyer!Thinking of buying soon? Great! Its a good time to buy. Mortgage rates are low and most of your social events have probably been cancelled because of COVID19 so you have more time to.

Read More