Over Half of All Buyers Are Surprised by Closing Costs

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

After surveying 1,000 first-time and repeat homebuyers, 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.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com recently gathered closing cost data from lenders in every state and Washington, D.C. to be able to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Keep in mind that if you are in the market for a home above this price range. your costs could be significantly more. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often 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.  Let me help take the surprises out of buying – J.P. Cook – 602-320-4253.

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9551 E Redfield Road Scottsdale, AZ 85260

$465,000

2 Beds

2.5 Baths

1,111 SqFt

Status Active

MLS # 6675877

Property Type Townhouse

Price Type --

Welcome to this inviting property with a calming natural color palette that creates a serene atmosphere throughout. The home boasts other rooms for flexible living space, allowing you to customize the layout to suit your needs. The primary bathroom features good under sink storage, keeping your essentials organized and easily accessible. With fresh interior paint, the home feels bright and airy, ready for you to move in and make it your own. Don't miss the opportunity to make this peaceful retreat yours!

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2421 W Turtle Hill Drive Anthem, AZ 85086

$465,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6680748

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home nestled in the prestigious Anthem Country Club. Featuring 2 bedrooms, 2 bathrooms, this home boasts a meticulously open airy floor plan. Enjoy the elegance of new flooring throughout, a refreshed kitchen with a new large island, granite countertops, stainless steel appliances, and remodeled bathrooms with custom tile, double headed walk-in shower in the master and a custom bathtub shower. Outside, a covered pergola that offers a perfect spot to enjoy the scenic views. With fresh paint inside and out, this home exudes sophistication. Residents also enjoy access to Anthem Country Club's prestigious amenities, including two golf courses, fitness centers, tennis courts, and more. Experience comfort, style, and resort-style living in this move-in ready

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4854 W Turquoise Avenue Glendale, AZ 85302

$465,000

4 Beds

2 Baths

2,371 SqFt

Status Active

MLS # 6680575

Property Type Single Family Residence

Price Type --

Whatta beauty! New paint, new quartz counter tops, new flooring, new bathroom vanity quartz! Your new spacious 4 bedroom home has a pool situated perfectly in a low-maintenance backyard oasis!

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3134 E Mckellips Road Mesa, AZ 85213

$465,000

3 Beds

2.5 Baths

1,414 SqFt

Status Active

MLS # 6683963

Property Type Single Family Residence

Price Type --

Charming 3 bdrm, 2.5 bath 2 car garage home in sought after Homestead on an oversized lot with lg. private pool and nicely designed backyard! Ideal for entertaining or everyday living -- with living and dining rooms, vaulted ceilings, and a formal family room with wood burning fireplace. Open concept kitchen overlooks the family room and features granite countertops, smooth-top range, built-in microwave, and LG stainless steel refrigerator with water dispenser/ ice maker. The primary suite includes dual closets, a spacious layout, soaring high ceilings, and an ensuite bath. Additionally, the home features newer paint, newer carpet, laminate flooring, and a top of the line Trane HVAC unit,. Enjoy your backyard with one of the only private sparkling swimming pools in the community. Conveniently located with easy access to the Loop 202 (and Gilbert Rd.) and plenty of shopping, dining, & restaurants nearby. A must see!

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