Over half of all homebuyers surprised by closing costs

    According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

    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, after surveying 1,000 first-time & repeat homebuyers.

    “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.

    “Closing costs are typically between 2 and 5% of your purchase price,” according to Freddie Mac.

    Bottom Line:
    Determine how much you’ll be responsible for at closing, by speaking with your lender and agent very early and often. Finding out you need to come up with thousands of dollars right before your closing is not a surprise anyone is ever looking forward to.

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