House buyers $tung - NYPOST.comJust when you thought it was safe to dive into the housing market, a new survey shows mortgage closing costs have skyrocketed an average 37 percent -- with New York topping the surge. The Bankrate.com survey released this week found that in New York, closing-cost fees hit $5,623, basing the estimate on a $200,000 mortgage for a $250,000 home. The national average on that same loan was $3,741 -- up from $2,739 last year. Blame it on regulations designed to rein in the mortgage industry.
Read more: http://www.nypost.com/p/news/local/house_buyers_tung_kpFSxiqYirMOtFoXnaiuxL#ixzz0xMzHV9e4
-------------------------
So we have lots of new rules for lenders, tougher requirements for getting a loan, and higher costs. Now go buy a house.
1 comment:
Closing costs are just part of reason number three, of the seven reasons listed, not to buy a house according to the link below.
http://www.dailyfinance.com/story/credit/seven-reasons-why-buying-a-home-is-a-scam/19597268/?icid=main|htmlws-sb-n|dl4|link3|http%3A%2F%2Fwww.dailyfinance.com%2Fstory%2Fcredit%2Fseven-reasons-why-buying-a-home-is-a-scam%2F19597268%2F
Post a Comment