Closing costs are the settlement fees paid by purchasers upon receipt of their loan from their bank. The general closing costs are between 2-7% of the total loan value. The Real Estate Procedures Closing Act (RESPA) requires that lenders and mortgage brokers give buyers a Good Faith Estimate of all loan-related expenses due at closing. However, these estimates do not guarantee actual mortgage closing costs.
In North Carolina the average closing costs on a property that is $200,000 is as follows:
Average origination fees charged by lender:
Average title and third-party fees:
Average Total Fees:
Some of the items that could be included in your closing costs are as follows:
Inspections (pest, radon, etc.)
Mortgage Insurance (PMI)