Luis Hong Team - Top Producers in Southern California

Rise in Closings Costs

Published On: August 2, 2011

Hello Everybody,

I read an interesting article today on msnbc.com about the rise in closing costs. According to the article, prices jumped from $3,741 dollars in 2010 to $4,070 today. This is about an 8.8% increase in closing costs nationwide. When asked about what specifically increased in price, many lenders said that the origination fees have increased because the process now requires much more money to conform to new regulations. There are some things in the closing process that are not negotiable, such as the cost of running a credit report and appraisal, but other items, such as title insurance, may be more open for negoations.