Tuesday, December 12, 2017

ClosingCorp Reports Average Mortgage Closing Cost Data | Business Wire

ClosingCorp Reports Average Mortgage Closing Cost Data | Business Wire:





 ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, toda



Average Closing Costs by State
StateAverage Purchase Price
Average Total Closing

Costs
NATIONAL
$271,363$4,876
AK
$304,787$3,752
AL
$176,915$3,687
AR
$151,254$3,843
AZ
$251,781$4,675
CA
$522,718$6,288
CO
$365,366$3,994
CT
$250,171$4,068
DC
$625,000$12,573
DE
$258,018$8,663
FL
$250,920$4,810
GA
$216,993$4,129
HI
$656,346$5,528
IA
$184,371$3,138
ID
$228,817$3,994
IL
$218,770$5,347
IN
$155,419$2,934
KS
$179,743$3,697
KY
$164,666$3,235
LA
$193,590$4,330
MA
$373,397$4,273
MD
$316,092$7,211
ME
$215,355$3,760
MI
$177,274$3,663
MN
$230,247$3,903
MO
$178,477$2,905
MS
$164,046$3,371
MT
$275,452$4,218
NC
$207,980$3,206
ND
$230,589$3,594
NE
$187,819$3,270
NH
$258,762$5,202
NJ
$304,952$4,547
NM
$222,918$3,894
NV
$306,410$4,639
NY
$359,525$9,341
OH
$160,172$3,369
OK
$164,645$3,581
OR
$331,379$4,495
PA
$189,724$6,633
RI
$251,960$3,735
SC
$206,384$3,495
SD
$202,500$2,996
TN
$202,731$4,361
TX
$224,233$4,126
UT
$281,258$4,538
VA
$324,563$5,575
VT
$228,892$6,839
WA
$369,213$5,954
WI
$189,315$3,804
WV
$153,469$3,492
WY
$247,584$3,725
CBSAs with the Highest Average Closing Costs
CBSA
Average Purchase

Price
Average Total

Closing Costs
New York-Newark-Jersey City, NY-NJ-PA
$418,833$9,046
San Francisco-Oakland-Hayward, CA
$779,526$8,907
Dover, DE
$216,700$8,147
Washington-Arlington-Alexandria, DC-VA-MD-WV
$470,309$8,065
Reading, PA
$164,000$7,863
CBSAs with the Lowest Average Closing Costs
CBSA
Average Purchase

Price
Average Total

Closing Costs
Muncie, IN
$104,900$2,785
Marion, IN
$84,250$2,813
Kokomo, IN
$119,750$2,831
Indianapolis-Carmel-Anderson, IN
$169,215$2,878
Jefferson City, MO
$136,122$2,903
Counties with the Highest Average Closing Costs
County
Average Purchase

Price
Average Total

Closing Costs
District of Columbia, DC
$625,000$12,573
Kings, NY
$570,000$13,388
Queens, NY
$540,000$12,476
Bronx, NY
$479,000$11,549
Richmond, MY
$500,000$11,414
Pitkin, CO
$650,411$9,702
Sussex, DE
$309,900$9,462
Westchester, NY
$495,000$10,747
Suffolk, NY
$352,500$11,289
Montgomery, MD
$485,000$9,384
Data by closing cost category and for additional CBSAs and counties available upon request.
Methodology
ClosingCorp median fees are derived by running preconfigured loan scenarios against the verified rates and fees data it maintains for service providers and tax authorities with coverage in every county nationwide. The preconfigured loan scenarios are based on different loan types, loan purposes and loan amounts in $25,000 increments up to $100,000 then $100,000 increments up to $20,000,000. The results of running the preconfigured loan scenarios and application of the endorsement rules generates the median fees for every county. The results at the county level are rolled up to the CBSA level using number of housing units per county to create a weighted average. Assuming 80% LTV, ClosingCorp uses the median sales price for a given period for each CBSA and applies the fee calculation formulas to derive the median fees by CBSA. The median fees are for the following services: Title, Settlement, AMC, Home Inspection, Pest Inspection, Land Survey, Recording Fees and Transfer taxes. These are third party services and government fees required to fund a home loan.
About ClosingCorp
Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.




 
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