Closing Costs 101
Closing costs include title and escrow fees, as well as pro-rated property taxes and lender fees if you are a buyer. Closing costs are based on the price of the home, so if you are selling or purchasing a more expensive home, your closing costs will be higher.
Bankrate.com recently collected closing cost data from lenders in every state and then computed the average costs in each state. The map was created using the closing costs on a $200,000 mortgage with a 20% down payment.
Speak with your lender and agent early to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.