When you get ready to purchase a home, there are fees that are paid at the closing of the real estate transaction. These fees are called closing costs. And depending on the price the home, these fees can range thousands of dollars. Either the seller or the buyer is responsible for covering these fees – which is usually determined before the real estate process even begins. And once it happens, the title of the property is transferred to the buyer.
As mentioned previously, closing costs can range in the thousands of dollars. And as it so happens, some states have lower closing fees than others. While the national average is $1900, some cities have much lower closing costs which can be attributed to lower bank origination fees as well as cheaper costs for services like appraisals and credit reports. Check out the cheaper closing costs in these 4 states:
Ohio: The average closing cost on a home in Ohio is $1,613 for a home averaging around $200,000. That’s about $300 lower than the national average.
Idaho: Average closing cost in Idaho is $1680, which is close to $300 less than the national average.
Wyoming: Average closing cost in Idaho is about $1690, which can be attributed to less expensive fees for credit reports, appraisals and other costs.
Utah: Closing costs average at $1700 in Utah for a $200,000 home. That’s about $150 less than the national average.