what is the average closing cost on a home
Typical costs: Also known as settlement fees, buyers’ average home closing costs range from $2,713 in Missouri to $3,887 in New York state, for a $3,024 national average, according to an annual survey by Bankrate.com. The highest closing costs reported were $11,395 for all fees; the lowest was $1,020.
Mortgage closing costs cover things like appraisals, attorney fees, title insurance, taxes, and other expenses associated with getting a loan. A property appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
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The average fees charged by third parties involved in the transaction are $1,196, which brings the total average closing costs to $2,225. This is well above the national average of $2,084.
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Summary: Home buyer closing costs in washington state range from about 1% to 3% of the purchase price, on average. But there are many variables that can affect the total amount you pay at closing.
Fees vary widely as different states and municipalities have different requirements. For instance, Bankrate reports that average total closing costs for a $200,000 loan in New York are $6,843, while average closing costs for a similar loan in Iowa are only $2,114.
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First on the list of the loan closing costs is the application fee. This includes the cost of obtaining your credit report. Most lenders want to see this. Average closing costs for the application fee can range from $250 to 400 depending on where you live and the lender you choose. Most often you can’t get around this fee.
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In this video, you will learn how to calculate your closing cost as a 1st time home buyer or find out what the average closing cost for 1st time home buyer is. if you look for a closing cost.