A recent survey from Bankrate.com showed homebuyers in Maryland and the District of Columbia pay closings costs that are below the national average. That was good news on its own.
When I began digging through the details of the survey, I discovered this chart that breaks down closing costs for each state and separates origination fees from title & closing fees. That's when I learned (or confirmed, rather) homebuyers who select Federal Title for their closings pay well below average across the board.
For starters, closing costs across the nation averaged $3,741, according to Bankrate.com.
The research was based on a $200,000 loan and a 20 percent down payment. The survey shows that the average homebuyer in Maryland pays $1,921 in title & closing fees. A homebuyer who settles the same real estate transaction through Federal Title pays $1,465.
And in D.C. the survey shows the average homebuyer pays $2,322 in title & closing fees. If the homebuyer had settled that property address with us, he would have paid $1,905 for the same title services.
Homebuyers in Virginia should be most excited of all: Closing costs average $2,355 across the state — exceeding the national average — but when Federal Title is on the case, closing costs come in at $1,509. While these numbers are great, it's not the only factor to consider when choosing a title company.
Beyond our competitive prices, at Federal Title we've built a reputation of exemplary customer service. We've bought and sold houses of our own, so we know how it feels to be a homebuyer or seller, to expect quality service for your dollar.
With this in mind we are working to improve our technology to make the closing process even more seamless and painless. This will free up time for our humans to tend to each client, which can only improve the title services we provide.
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