Thursday, August 16, 2012
Colorado Third Lowest in Closing Costs !!
This article is from John Rebchook at JRCHOOK@gmail.com.
InsideRealEstateNews.com a great website to follow !
Not only are mortgage rates as low as they have ever been, but Colorado consumers have another incentive to buy a home – Colorado can boast having the third-lowest mortgage closing costs in the nation, according to a national study released on Monday.
The report by Bankrate showed that it cost $3,199 to close on a typical mortgage in Colorado, almost 15 percent lower than the national average of $3,754.
Seriously, he said the low closing costs in Colorado is somewhat good news for the housing market.
“It will feed the perception, the correct perception, that demand for housing is going up and prices are starting to rise slowly,” McMaken said. He said if more people decided low closings costs are a reason to buy a home now, rather than wait, it could hurt the owners of high-end apartment buildings.
“In the big scheme of things, employment is more important,” than closing costs. In recent months, Colorado has not enjoyed a lower unemployment rate than the national average, he said. Eventually, a higher unemployment rate could discourage people to move to Colorado from other states, he said.
Colorado has seen a dramatic drop in closing costs.
In 2011, Colorado the average closing cost in Colorado was $3,917, putting it in 23rd place. Closing costs declined 17 percent during the past years, more than twice the national decline of 7 percent, according to Bankrate.com’s research.
“This is the second year in which lenders are required to estimate third-party fees within 10 percent of the final cost,” said Greg McBride, Bankrate’s senior financial analyst.”It seems like they’re getting more accurate, which helps explain the sharp decrease in these fees over the past year.
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