average closing cost percentage

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Average FHA Closing Costs for Buyers, 2017 According to the Federal Reserve, closing costs for FHA and conventional loans average around 3% of the home’s purchase price. But in some areas with higher tax rates, they can be as high as 5% or 6%.

Closing Costs  ~ Itemized Explanation Typically, real estate commission is 5%-6% of the home’s sale price. In most areas the buyer’s agent receives 2.5%-3% in commission and the seller’s agent receives 2.5%-3% in commission. Who pays the commission? If you are buying a home, you don’t have to pay real estate agent commission; however, you still have to pay closing costs.

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Seller closing costs: Closing costs for sellers can reach 8% to 10% of the sale price of the home. It’s higher than the buyer’s closing costs because the seller typically pays both the listing and buyer’s agent’s commission – around 6% of the sale in total. Fees and taxes for the seller are an additional 2% to 4% of the sale.

Use this closing costs calculator to estimate your total closing expenses on your home mortgage, including prepaid items, third-party fees and escrow account funds.

/ Mortgage Closing Costs Explained In Detail Here are the closing costs you can expect when you sign for a loan, or "close a loan," as the mortgage lingo goes. This is what you can expect in general and not specifically from us or another lender.

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Buyer’s Closing Costs. If your buyer is getting a mortgage, they may ask you to help them with their closing costs. This is purely a negotiated item. Most mortgages will allow the seller to pay a percentage of the buyer’s closing costs. So, you may want to take this into consideration when figuring your costs of sale.

Closing costs for sellers. The average closing costs for a seller total roughly 8% to 10% of the sale price of the home, or about $17,000-$22,000, based on the median U.S. home value of $217,000.. The agreed-upon percentage should be documented in writing.

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Closing costs for sellers vary according to where you live, but as the seller you can expect to pay anywhere from 6 percent to 10 percent of the home’s sales price at settlement.