Closing Costs fell 7% for Homebuyers


Posted on Aug 06, 2012

Federal regulations are helped to significantly reduce the amount new homebuyers are paying come closing time.

The average cost of closing on a mortgage has dropped by 7.4% over the past year, according to a recent survey. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier.

Included in those costs are origination expenses, such as application fees and the cost of doing credit checks, and third-party fees, such as those paid for title searches and insurance.

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