Mortgage

Real estate closing costs jump 6 percent

Cost of title insurance not included in Bankrate.com survey

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Closing costs on a home sale excluding title insurance rose 6 percent year over year in June, averaging $2,402 on a $200,000 mortgage, according to an annual survey by financial rate comparison site Bankrate.com. Lender origination fees drove the increase, jumping 8 percent to $1,730. Third-party fees for services such as appraisals and credit reports rose 1 percent to $672. The state-by-state survey was based on online good-faith estimates from up to 10 lenders in a state, plus Washington, D.C., for a hypothetical $200,000 purchase loan for a single-family home in a state's largest city with a 20 percent down payment and excellent credit, Bankrate.com said. Bankrate.com acknowledged a borrower's final closing costs would probably be higher than those in the survey findings because the survey did not take into account the most highly variable costs, including title insurance, title search, taxes, property insurance, association fees, interest, other government fees and e...