Homebuyers in Arizona enjoy a relative bargain when it comes to closing costs. Russ Wiles of The Arizona Republic reports average expenses for Arizona mortgage origination and third-party fees are eighth-lowest in the nation, according to a new study.
Arizonans pay about $1,810 on average to lenders in mortgage-origination expenses and $615 on average for title, appraisal and other third-party costs, for an average total of $2,425, according to a study by Florida-based researcher Bankrate.com.
Those sample expenses were based on a $200,000 home purchase for a buyer with excellent credit making a down payment of 20 percent. Bankrate.com received good-faith estimates from 10 lenders in all 50 states plus Washington, D.C.
The $2,425 in average closing costs faced by Arizonans on the hypothetical purchase was slightly below the U.S. average of $2,539,which rose 6 percent compared to a similar study last year.
