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The table below lists states alphabetically with their average closing costs. Check your state for a detailed summary of average fees. Your final charges probably will be higher than shown here.
Average Mortgage Refinance Closing Costs As of 2017, the average closing costs to refi a mortgage was 1.5%. This figure varies depending on your type of loan and FICO score. If you have a $200,000 mortgage, the typical closing costs for a refinance will amount to 1.5% or $3000.
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The majority of closing costs typically relate to a mortgage loan. When financing a real estate purchase, you commonly will have to pay various fees, including an application fee, appraisal fee, credit report fee, mortgage insurance and interest charges, mortgage origination fee, mortgage points and mortgage processing fees.
When you get a mortgage to buy a home, you’ll have to pay closing costs: These fees, paid to third parties to help facilitate the sale of a home, typically total 2% to 7% of the home’s purchase.
Closing costs on a property vary with each individual transaction. What may be needed on one you may not need on another. A breakdown of each cost and credit is placed on a closing statement so the buyer and seller can see what they are paying for, and where the price of the property is coming from.
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How much are closing costs? Average closing costs on a mortgage loan is between 2%-5%. On a home with a purchase price of $200,000 the typical costs will be between $3,000-$5,000. These costs will vary depending on the lender you use. Closing costs are made up of several different fees charged by your lender.
Bankrate gathered data on closing costs from lenders throughout the U.S. Click on your state for a fee-by-fee breakdown of the average closing costs for a mortgage.
But where you are buying can have a big impact on how much you will pay in closing costs. Our study shows closing costs as a percentage of median home value by county. To calculate closing costs we assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20% down payment.