It's not a Doctor Who reference, I'm talkin' real estate! Homes in the Triangle are selling faster than ever before. This October, the number of sales in the 16-county area that
Dont Be Surprised
According to a 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 gathered closing cost data from lenders in every state and Washington, D.C. in order 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.
Here's some good news: the Triangle also has some of the lowest closing costs in the state ranging from 1.4% in Orange County to 1.8% in Durham.
sKeep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. 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.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....