Video Transcript
So how much will your mortgage cost you? Well, last year home buyers paid an average of 2.06% of their loan size in total at closing. That covers mortgage fees, title fees, appraisal costs, and the rest of the expenses that come with getting a mortgage. But that is just an average. Not all mortgages cost the same. The cheapest loans last year were conventional loans. Those are used by two-thirds of all buyers. Conventional home buyers paid an average of 1.54% for their closing costs to buy a home. The highest costs that went to FHA loans at 3.77% which does include, by the way, FHA upfront mortgage insurance so not all those fees are paid out of pocket. We have a complete breakdown of closing costs by loan type. It's on the website and more. Check it out. The link is in the description. I'm Dan with Homebuyer.com. Happy homebuying.
What people are paying for mortgages
Last year, home buyers paid an average of 2.06% of their loan size in closing costs. Conventional loans had the lowest average closing costs at 1.54%, while FHA loans had the highest at 3.77%.
Video Transcript
So how much will your mortgage cost you? Well, last year home buyers paid an average of 2.06% of their loan size in total at closing. That covers mortgage fees, title fees, appraisal costs, and the rest of the expenses that come with getting a mortgage. But that is just an average. Not all mortgages cost the same. The cheapest loans last year were conventional loans. Those are used by two-thirds of all buyers. Conventional home buyers paid an average of 1.54% for their closing costs to buy a home. The highest costs that went to FHA loans at 3.77% which does include, by the way, FHA upfront mortgage insurance so not all those fees are paid out of pocket. We have a complete breakdown of closing costs by loan type. It's on the website and more. Check it out. The link is in the description. I'm Dan with Homebuyer.com. Happy homebuying.
