![]() ![]() When it comes to understanding the bill breakdown of your closing costs, the expenses start tallying up as soon as you apply for a home loan. What’s Typically Included in Massachusetts’ Closing Costs? Keep in mind, closing costs will fluctuate greatly depending on the price of your home, where it’s located, and the complexity of the sale. With closing costs at 2 percent to 5 percent of this adjusted home price, homebuyers could be spending somewhere between $10,500 and $26,250. Homes in Massachusetts also come with a hefty price tag these days: As of October 2021, the median sales price for single-family homes was $525,000, according to data from the Massachusetts Association of Realtors. Both these expenses can add thousands to your closing costs tab. ClosingCorp’s data excludes two major closing costs you’re bound to come across - loan origination fees (if you’re taking out a mortgage) and private mortgage insurance (if you have a down payment of less than 20 percent). The national average for closing costs is $6,087.īut homebuyers in Massachusetts need to plan on spending far more than this initial estimate. The Bay State is in the middle of the pack, ranking 22nd among the 50 for the most expensive closing costs. That price tag makes up 0.62 percent of the home’s price tag. How Much Are Closing Costs in Massachusetts?Ĭlosing costs in Massachusetts run, on average, $2,689 for an average home loan of $432,883, according to a 2021 report by ClosingCorp, which provides research on the U.S. If you’re buying a new home in Massachusetts, NewHomeSource has put together the following guide on how much you should be saving for closing costs, a breakdown of what’s generally included, and how you can potentially lower these costs. Closing costs are paid alongside your down payment, which makes for one expensive day. You pay these costs in a lump sum on closing day, and they typically amount to 2 percent to 5 percent of the home’s purchase price. While you may have secured a competitive interest rate for a mortgage and saved for a down payment, there’s another major hurdle you’ll need to clear: paying for closing costs.Ĭlosing costs encompass all the administrative and legal services you’ll need to pay before you receive the keys to your new home. Are you a homebuyer about to close on a new home in the Bay State? Massachusetts comes steeped in American history and packed with New England charm, so it’s easy to see why people want to buy a home here. ![]()
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