Mary Carlton
Broker / Licensed in the State of Oregon Total Property Resources 547 SW 13th St., Ste 201 Bend, OR 97702 541-668-1632

Mid Oregon Homes Blog

26
Sep

More Than Half of All Buyers Are Surprised by Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs | Simplifying The Market

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 | Simplifying The Market

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 Archives
Your Dedicated Agent

Mary Carlton

Broker / Licensed in the State of Oregon Mobile: 541-668-1632 Fax: 541-330-0589

Total Property Resources
547 SW 13th St., Ste 201
Bend, OR 97702

I´m Here To Help

If you are ready to start your buying or selling process
give me a call at 541-668-1632 - I´m happy to answer all your questions.

Contact Me Today