The Typical Cost of Closing Fees in Minnesota
- The average closing fees for a $200,000 purchase mortgage loan in Minnesota stood at $3,920 in 2010. That's only slightly higher than the national average for 2010 of $3,741. Buyers in New York state had it far worse, paying an average of $5,623 in closing costs on a $200,000 purchase mortgage.
- Homeowners face two different categories of closing costs when they apply for purchase mortgage loans: those charged directly by their lenders and those levied by third-party companies that perform a specific task in the process of closing a mortgage loan. In Minnesota, home buyers paid an average of $1,403 in lender fees when closing on a $200,000 purchase loan in 2010. These fees include underwriting, application, document-preparation and origination charges.
- Third-party fees hit an average of $2,517 in Minnesota for a loan of $200,000 in 2010. These fees charged by third-party companies include charges for title search, title insurance, flood certification, credit checks and home appraisals.
- If you're in the market for a home in Minnesota, be aware that not all lenders working in your state will charge the same closing costs. That's why shopping around for the best fees and interest rates is important before you purchase a home. You can take out a mortgage loan with any lender licensed to do business in your state, even if that lender isn't physically located in Minnesota.
