Industry NewsMortgage

Closing costs approach 2%

RESPA changes improve survey accuracy, says Bankrate.com
Published on Aug 18, 2010

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by CareyBot

Closing costs on a home transaction are approaching 2 percent of the mortgage amount, averaging $3,741 on a $200,000 purchase loan, according to an annual survey by Bankrate.com.

That's a 37 percent increase from a year ago, as lender fees and charges by third parties like title insurers both posted double-digit gains.

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