According to a recent article published in the Arizona Business Journal, Arizona has the 8th lowest mortgage-related closing costs in the U.S. A study by Bankrate.com considered origination fees, third party fees and other fees associated with a $200,000 mortgage to evaluate the average closing costs across the country.
Affordable closing costs certainly makes the home buying experience more pleasant. Doesn’t this make you want to go out and buy a new Arizona home today? Or fly in and purchase your new winter home immediately? If so, let us know. We are ready to help.
The average closing costs in Arizona for a $200,000 mortgage was $2,425.00. This is slightly lower than the national average, which was $2,539.00.
When researching your loan options, be sure to shop around with more than one lender (it’s best to speak to at least 3 lenders), and ask for a Good Faith Estimate from each one. Comparing different lenders’ Good Faith Estimates enables you to compare the various fees, and ensures that you are comparing “apples to apples.” (View a sample Good Faith Estimate.)
A Good Faith Estimate considers not only the mortgage related costs, but also the escrow and title insurance fees. Definitely good things to know before jumping head first into your Arizona home purchase.
According to the Bankrate.com study, the states with the highest mortgage closing costs are Alaska, New York and Hawaii. The states with the lowest closing costs are Nevada, Tennessee and Missouri.
Contact us for more information on buying a home in the Scottsdale and Phoenix area.