Thursday, August 9, 2012

Home Purchase Closing Costs In Ohio

In the past year, closing costs in the state of Ohio have reduced by 6%. With that reduction Ohio is still the 11th-highest in closing costs nationwide.  On average, for a $200,000 home purchase mortgage in Ohio, it now costs $3,933, down from $4,165 last year. 

The U.S. average is $3,754, a decline of 7 percent from 2011.

The reduction in costs can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers.  The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay.

In addition, the mortgage crisis drove a lot of the high-cost mortgage brokers out of business.  The collapse of the housing market means that dramatically fewer people are buying homes, so banks and title companies have to be more competitive.

1 comment:

  1. Hello,

    When closing the real estate transactions, many home buyers especially those who are new to home-buying, are not aware of their liability to additional costs. They are facing problems. So all Buyers are need to keep some extra funds along-side the cost of the home.

    Real Estate Closing Attorney



    ReplyDelete