It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The content provided on Moneywise is information to help users become financially literate. Information and timely news from our team of trusted money specialists. Closing costs can be rolled into the buyer’s loan.Borrowers can - and should - negotiate with their mortgage company to lower some of the costs, including lender fees and appraisals.Costs include recording fees, transfer taxes, title policies, settlement services, land surveys and appraisals.Closing costs generally range between 1% and 5% of the price of a home.Missouri is most affordable, with closing costs that average $1,571 - less than 3% of median household income. That's 32% of the median household income in D.C. The least affordable place to take out a mortgage is Washington D.C., where closing costs average $29,329, according to ClosingCorp.In states with higher home prices, you’ll generally pay more to close. Closing costs can vary depending on taxes and fees charged by your state or county.In the cheapest states, it’s less than 3%. In the most expensive states for taking out a mortgage, average closing costs can total more than 25% of the typical borrower’s household income.
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