North Carolina’s Closing Costs, Lowest in The Nation

Are you on the fence about whether or not to move to North Carolina?  Have you been renting in North Carolina and think now may be the time to take advantage of the buyer’s market?  A recently published article by MSN states that North Carolina currently has the lowest closing costs in all of the United States.  If you are a first time home buyer or just want a refresher on exactly what you will be paying for at closing, here are the normal closing costs associated with the buyer:

1. Any prorations of homeowners dues and taxes for the portion of the year you are going to own the property
2. Any fees associated with the loan (loan origination fees, discount points, appraisal etc.)
3. Escrows (if your lender is collecting for hazard insurance and taxes up front)
4. Hazard insurance (one year collected at closing)
5. Private Mortgage Insurance (depending only on the amount of money you are borrowing compared to the price of the home)
6. Title Insurance (a one-time fee that covers the entire time you own the home)
7. Attorney Fees (includes the title search and document preparation)
8. Recording Fees (pays to record the deed and deed of trust)
9. Any inspections (home, pest, radon, etc…)
10. Survey