Closings Costs Soar Almost 21 Percent

Dated: 08/08/2014

Views: 661

Since 2010 closing costs have risen almost 21 Percent.  Pursuant to Bankrate.com these costs are mostly related to lender's raising their direct fees.    Each year lender's origination fees are the lion's share of the increase plus underwriting and processing fees.  These have increased by over 27 percent since 2010.

It is advantegous for buyers to talk to several lenders and get a cost estimate of these costs.  Some lenders charge a flat fee that will cover these costs and there is no origination fee. 
New mortgage regulations, per bankrate.com, is the reason for these increased costs.
The five states with lowest closings costs are Nevada, Tennessee, Missouri, Ohio and Washington DC.
The five states leading the pack for highest costs are Texas, Alaska,  New York, Hawaii and Wisconsin.
Closing costs exclude prepaids, escrows, title insurance, interest and association fees. 
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LaDawn Westbrook

With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....

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