The cost of buying a home dropped 12 percent from last year, according to a survey conducted by Bankrate.com, which reports homebuyers nationally pay $2,159 on average for title and closing costs.
The numbers vary a bit by state, but in every case Federal Title charges less than average for title and closing costs. In the District of Columbia, for example, homebuyers pay an average of $2,319 compared to $2,176 when they settle at Federal Title.
Closing costs in the District of Columbia rose to 10th place on the list of most expensive closing costs in the country from its 11th place position in 2011.
Average closing costs in Maryland and Virginia are quite a bit less than the national average, coming in at $1,997 and $2,046 respectively. Maryland homebuyers who settle at Federal Title pay $1,691 while their Virginia counterparts pay $1,696.
This year closing costs in Virginia are on average the 29th most expensive in the country, a big jump from the No. 38 position the state held last year. Maryland also jumped up on the list to 35th most expensive closing costs on average from 42nd in 2011.
Did you know Federal Title has a sister office in Coral Gables, Florida? Homebuyers in the state pay an average of $2,772 for title and closing costs compared to the $2,486 paid by homebuyers who settle with us.
Closing costs on average in Florida were 12th most expensive in 2011. This year Florida has the 4th highest closing costs on average.
These numbers come as no surprise to Federal Title. A similar closing costs study conducted last year using slightly bigger numbers also demonstrated that our title charges are among the most competitive in the region, and in most cases (DC & Maryland) top the competition.
Bankrate used the following parameters to gather Good Faith Estimates from 10 lenders in each of the 50 states and the District of Columbia for their June 2012 survey:
- Loan amount: $200,000
- Down payment: 20 percent
- Purchase price: $250,000
To calculate Federal Title's charges, homebuyers should use our Quick Quote tool. It is the easiest and fastest way to calculate closing costs. It's free to use and completely anonymous – we don't ask for your e-mail address.