Buzz
Buying a home is likely the largest financial commitment you’ll ever make, but it's often the smaller, hidden expenses that can surprise you. Closing costs can accumulate quickly, and like home prices, they vary by location.
These expenses include inspections, certifications, appraisals, and more. Bankrate analyzed the closing costs across the U.S. and compiled a table of the average total costs. On average, homeowners in the U.S. pay around $1,800.
Naturally, some expenses like title insurance and taxes can differ greatly, which is why those were excluded from this summary. Bankrate clarifies their methodology as follows:
Your final costs are likely to exceed these amounts because
highly variable fees such as title insurance, title searches, taxes, government fees, escrow fees, and discount points are not included here.
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Bankrate collected Good Faith Estimates for a $200,000 mortgage from up to 10 lenders in each state and Washington, D.C. The hypothetical loan was for the purchase of a single-family home, with a 20% down payment and excellent credit.
While your exact numbers may differ, the following table provides a general estimate of what you can expect in each state. For more detailed information, follow the link below.
Photo by stockmonkeys.
