Last week Bankrate.com issued a report that said that the average closing costs, including the mortgage origination fees (which fell 1 percent), decreased 7 percent nationally between 2011 and 2012. The report's data was gathered in June from a survey of up to 10 lenders from all 50 states and Washington D.C. and was based on a $200,000 mortgage. This is great news for propsective homebuyers because the price they pay for the home they buy is only a percentage of the total cost they are going to pay once they consider their interest payments and closing costs. Combined with the historically low interest rates, this adds incentive for would-be buyers to finally buy.
Florida ranked as the fourth most expensive state, with an average mortgage origination fee of $1,623 and title and closing costs of $2,772 for a total of $4,395. Based on a $200,000 mortgage, closing costs are 2.2 percent (remember that they'll be higher when factoring in the actual sale price, not just the mortgage). New York is the most expensive state with a $5,435 total. The least expensive state is Missouri at $3,006. The national average is $3,754.
The educate yourself further on closing costs, read the below article from the New York Times and the Bankrate.com report. The more educated you are, the smarter your home purchase will be.
NYT Closing Costs
Bankrate.com Report
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