Skip to main content

Surprise! Survey Details Buyer Astonishment at Closing Costs

Phil Hall
Feb 15, 2017

When it comes to closing costs, more than a few homebuyers are finding themselves in a state of sticker shock.
According to survey of 1,000 first-time and repeat buyers conducted on behalf of ClosingCorp, 17 percent of all homebuyers were surprised that costs and fees were even required as part of their transactions, while 35 percent of all homebuyers were surprised that these costs and fees were higher than they anticipated. Thirty-one percent of homebuyers, however, claimed that they were not surprised at all.
Furthermore, 58 percent of those surveyed said that their initial loan estimated had changed or been revised prior to closing. The most common reasons for the changes in the closing costs were a change to the loan based on what they qualified for (31 percent), an inaccurate lender estimate (27 percent) and a change to the loan based on the buyer’s request (23 percent).
“In addition, our survey shows that 52 percent of lenders were ‘off’ on their initial loan estimates, so there’s significant room for improvement,” said Bob Jennings, CEO of ClosingCorp.
Feb 15, 2017
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023