Closing costs in Michigan have been rated the fourth lowest in the country at around $2,203 which includes lender fees, appraisal fees, credit reports and inspections. This is about $200 less than the national average. It is good to note that these numbers did not include taxes.
The survey to get the numbers was done by Bankrate.com where they averaged closing costs from 10 lenders in Detroit for a $200k mortgage with 20% down. Doing better than Michigan is the lowest closing cost state: Wisconsin. And Hawaii came in last with the highest costs in the nation.
These low fees are thought to be a result of lenders trying to stay competitive in the ever-bettering market. But because lenders are will be incurring more fees in upcoming months, these rates are expected to rise over the next two years.
The bottom line is that interest rates are not the only thing buyers should be looking into. Shop around and find competitive closing costs in Michigan as well.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.