Closings Costs Soar Almost 21 Percent

Dated: 08/08/2014

Views: 663

Since 2010 closing costs have risen almost 21 Percent.  Pursuant to 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, 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. 
Blog author image

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....

Want to Advertise on this Site?

Latest Blog Posts

Top 10 Things To Do When Selling Your Home

Are you looking for some advice on selling your home? Get Started today!   Have you Heard Homebot? The Colorado Company turning home valuations upside down!

Read More

OPEN HOUSE In Beautiful Morrison CO June 24

Come see us before Widespread Panic tomorrow night! Or, for some of you, come see us before you go to sleep from seeing Widespread the night before!  Either way...OPEN HOUSE Sunday, June 24th

Read More

Ultra Luxurious Soho Penthouse Is This Weeks Most Expensive New Listing

Highest Listing This Week for a Penthouse in SoHo! Can you quess how much ?!!?? .......$65 MILLION= 8000sqft + 4Beds + 6Baths  The kitchen reminds me of a

Read More

Gorgeous Condo 5 Minutes From The Lake Under 250k

Gorgeous well maintained condo off of C470 and Wads. Quick 5 minutes to the entrance of Chatfield Reservoir. Swim beaches, campground, recreational ponds for paddle boarding, canoeing, kayaking

Read More