Do Lancaster Co.,PA Home Buyers pay Closing Costs ?

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/57l2

More Than Half of Lancaster Buyers Are Surprised by Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

Buyers, more types of Financing will allow Buyers to ask the Sellers to help pay for these transaction costs ! Email mikeperrykw@gmail.com to learn more details !

 

Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Topic:
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Location:
Pennsylvania Lancaster County Lancaster Willow Street
Groups:
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ABR-Accredited Buyer Representatives
Keller Williams
It's A Buyer's Market
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
first time buyers
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west lampeter real estate news
penn manor real estate news
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conestoga valley real estate news
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obtaing preapproval

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Rainer
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Laura T. Perry
Keller Williams Elite - Lancaster, PA
CRP, GMS, Award Winning Relocation Specialist

Most Loans do allow the Buyer to receive Seller's Assist to help pay for Closing costs !

May 25, 2018 05:28 AM #1
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Michael J. Perry

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