Closing Costs

Bankrate. com just released their annual closing costs survey results. Maryland fell from 9th highest to number 38. Like last year they left off transfer and recordation taxes. This cost varies from county to county so it would make their survey hard to complete. The costs shown are only those of title, and mortgage. Many of the items are based on a percentage, and they asked the lenders to calculate based on a $200,000 loan. So, expect closing costs to be higher than this survey shows. Ask your lender for a good faith estimate when trying to figure your closing costs. This will show the most accurate numbers available. Closing costs will depend greatly upon your credit, and the loan program. As a general guide figure 4-6%. Higher for higher risk loans (buyers with poor credit)