Low closing costs in the Midwest
Want to pay a lot less on closing costs? Apparently, to save on closing costs, you should head to the Midwest. According to a new report from FenceCorp, Missouri, Indiana, and Iowa all boast some of the lowest average closing costs in America.
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Missouri takes the cake
The ClosingCorp report took into account the average closing costs in each state, including the costs of lender and owner titles, regulations, appraisals, transfer taxes, registration fees, inspections, surveys and more.
According to his findings, the average American buyer pays $ 4,876 in closing costs. But in Missouri, those costs are almost halved. Show-me State buyers pay only $ 2,905 on closing day.
Indiana buyers see the lowest closing costs in the country, averaging just $ 2,934. South Dakota, Iowa and North Carolina round out the top five list.
At the metro level, Muncie, Indiana had the lowest average closing costs in the country, at $ 2,785. Other low cost subways included Marion, Indiana; Kokomo, Indiana; Indianapolis; and Jefferson City, Missouri.
Highest closing costs
On the other end of the spectrum, the District of Columbia arrived with the highest closing costs in the country. DC buyers pay an average of $ 12,573 per transaction.
New York took second, with $ 9,341 in average closing costs, while Delaware, Maryland and Vermont rounded out the top five.
According to Bob Jennings, CEO of ClosingCorp, closing costs vary widely by state, city and county.
“For example, five New York counties – Kings, Queens, Bronx, Richmond and Suffolk – had the highest closing costs, well above the national and state average, due to some of the taxes in highest transfer in the country, “Jennings mentioned.”
The San Francisco area also ranked among the subways with the highest closing costs. According to the report, Bay Area residents pay an average of $ 8,907 per transaction.
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The price of a home, closing costs, and your mortgage rate will all play into the final cost of buying your home. Want to make sure you’re getting the best deal? Shop around and see what rates you qualify for today.