Most Boston condo buyers are suprised by closing costs. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
According to a survey conducted by ClosingCorp, over half of all Boston condo buyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat condobuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state.
“Closing costs are typically between 2 and 5% of your purchase price.”
Bottom Line
Speak with Robet Veek at Ford Realty to determine how much you’ll be responsible for at closing. But first, you’ll need to find that perfect Boston condo abd this is where Robert Veek can be of great assistance. Please call Robert for all your Boston condo questions at 617-420-1401.
Updated: 1st Quarter 2018