Closing Costs are on the rise Nationally
August 16, 2010
Author: Support Services, e-PRO
According to a survey conducted by Bankrate, Inc., a online financial rate website, the closing costs across the nation are on the rise. National average shows that closing costs are nearly $1,000 more this year that they were in 2009.
While here in Florida the closing costs have raised $381 in an annual comparison, this drops the state rank from #3 to #12 across the nation. The rise in costs appears to be due in part to the new regulations that were set in place during the beginning of the year, requiring lenders to provide a title and closing fee estimate within 10% with the Good Faith Estimate (GFE).
According to Greg McBride, CFA at Bankrate, Inc., The big rise in average closing costs may scare some homebuyers, but its important to keep things in perspective, increased regulation on lenders GFEs means more accurate estimates and less expenses popping up for consumers on the back end.
For more information on the Closing Costs Survey taken by Bankrate feel free to visit the website.