Average Tennessee Closing Costs Going Up

Bankrate.com recently conducted its annual national survey of average origination, title, and closing costs, for a representative $200,000 loan, assuming a 20 percent down payment and good credit.

Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $2,732, according to Bankrate’s annual survey of closing costs. The fees in the survey don’t include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.

So how did Tennessee do, and where did our state rank nationally?

Tennessee ranked 12th highest in the nation (a significant jump from our 24th place ranking in 2008) with total average costs of $2,901 … $169 higher than the national average. Of course, $169 in the grand scheme of a $200,000 home purchase is not that significant.

[SOURCE: Bankrate.com]