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Closing Costs and Fees High in Florida
With most real estate transactions, unforseen fees and costs will undoubtedly crop up. One element that homebuyers may forget about when calculating the purchase of a new home are the origination, title, and closing cost fees. While some contracts are written to have these fees paid by the seller, closing costs are an important factor to consider when beginning the process of buying a home. In a recent study conducted by Bankrate.com (courtesy of Tampa Tribune, Fla.), statistics showed that Florida ranked only second in charging the highest origination, title, and closing fees on real estate transactions (to the tune of $3,368 on average). Texas took the top spot at $3,655, and Nevada ended up with the lowest fees, with an average of $2,276 of closing costs. On a high note, the national average of closing fees dropped almost $400 down to $2,732 since 2008. Another factor that should be considered are lawyers fees in areas or states that employ them, these can also add up to a hefty bill for the buyer to pay. As a general rule, consumers who want to avoid surprise fees at the end of a transaction should ask their realtor what to expect way before closing day arrives. Bankrate.com's study only included lawyer's fees that were required by the lender, and four lenders were consulted for each state for their numbers and statistics. The study was based on single-family homes with $200,000 mortgages at a 30-year fixed rate, and a 20% down payment.
