Arizona has been ranked 46th in the Union (including the District of Columbia) when it comes to average closing costs paid by consumers during a purchase transaction. This is according to a survey conducted by Bankrate.com.

I must caution you that the closing cost numbers presented are for a very modest purchase. You must read the disclaimer below the chart. In order to do an apples to apples comparison, the researches compared costs for a $200,000 purchase putting 20% down. So, a $160,000 loan size. Also, they only looked at borrowers with excellent credit. Be aware that higher loan amounts will have higher closing costs since items such as origination points, title insurance etc. are based on a percentage of the loan amount.

Still, I think we’re doing a pretty good job here in Arizona and keeping costs as low as possible for the consumer. Congrats to all those involved.

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Categories: Arizona, Closing Costs, Mortgages