Closing costs can be a bit confusing for pretty much anybody, whether you are a new homebuyer, an experienced one or a refinancing homeowner. They are basically expenses that come with the mortgage loan processing process. Since mortgage loans are offered by lenders, closing costs are also charged by and paid to lenders. But there are third party fees involved. Lender’s costs include loan origination fees while third party costs are things like appraisal fees, survey fees, title insurance and taxes among others.
Average closing costs range from 0.5 to 5% of the total loan amount. In Tennessee, the average amount is $1,897 for a $200,000 mortgage. That is just less than 1% of the loan amount and slightly more than the national average of $1,847. Note that not all lenders have the same items on their closing costs so you should expect that value to vary wildly from one lender to another.
Daily Tennessee Mortgage Rates for 3.3.21
30 Day Range 2.5% - 3.229%
30 Day Range 2.25% - 2.562%
30 Day Range 2.5% - 3.224%
30 Day Range 2.25% - 2.92%
*Calculated from actual locked rates with consumers across more than one-third of all mortgage transactions closed nationwide
Also, the location of your house will play a role in determining how much you will pay. Of course appraisers, surveyors and other third parties charge differently for different areas. If you want a more accurate Tennessee closing costs estimate, contact Moreira Team and we will give you a breakdown of each item based on your type of loan, property, and location.
It is worth mentioning that in Tennessee you don’t necessarily have to pay the closing costs upfront. The lender can roll them into your mortgage loan and offer you a “no-cost” loan. But you still have the option to pay all or part of the costs when making your down payment. Moreira Team can help you get a loan that matches your current financial health. If you can’t raise money for Tennessee closing costs we will assist you in getting a no-cost loan. Give us a call today.
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