Closing costs are an important factor to remember when buying a home.
Homebuyers must take into account a myriad of fees beyond the down payment: brokers’ fees, processing fees, title fees, appraisal fee, credit reports and flood certification, just to name a few. All of these closing costs add up.
The average closing cost in Chicago is $2,080 on a $200,000 home mortgage, according to a new report from Bankrate.com.
Chicago lenders charge origination fees of $1,080 on average, according to Bankrate.com. Fees from third parties, like an attorney, average $1,000, according to the online mortgage marketplace.
Honolulu had the highest average closing cost of $2,655. Philadelphia had the lowest average closing cost of $1,837.
Here’s how Chicago stacks up to other major metros:
- New York City: $2,560 average closing cost on a $200,000 mortgage
- Los Angeles: $2,257
- Houston: $2,175
- Chicago: $2,080
- Philadelphia: $1,837