So maybe you're one of the few who weren't motivated by the falling mortgage rates of the past few months. Maybe you weren't impressed when the mortgage rates hit record lows. Maybe you didn't refinance when everyone around you told you to. You were playing it cool - waiting to see if the pot could get any sweeter, right? How's this? Closing costs are now more than 7% lower than they were this time last year.
Specifically, a homebuyer borrowing $200,000 mortgage with 20% down paid an average of $3,754 in closing costs in June of 2012, compare to $4054 in June of 2011, says CNN Money.
What do closing costs include? Among other things, the mortgage closing costs include origination expenses, like application fees, as well as the cost of credit checks, title searches and insurance.
Combined with all the great news about mortgage rates, I bet you're ready to get in the game :)