Average Closing Costs in New Hampshire

Based on data gathered from lenders in New Hampshire, homebuyers spend an average of $1,835 for closing costs on a $200,000 house, with a 20% down payment. Of the total, $1,084 is spent on lender fees, and $750 is spent on third-party fees. New Hampshire's closing costs are just below the national average of $1,847, but substantially higher than those in the neighboring state of Maine, which average $1,727.

Not all lenders charge the same for all closing costs, but on average, homebuyers in New Hampshire pay $1,135 for loan origination fees, $463 for attorney or settlement costs, $468 for a lot survey, $427 for a property appraisal, $125 for an inspection, $100 for courier services and $78 for tax services. These average costs do not include title insurance fees, as they are calculated separately for each home purchase. Title insurance costs and prepaid costs, such as property taxes and homeowners' insurance, which are also not included, can add several thousands of dollars to the final closing costs.

After trailing most of New England in the housing recovery between 2012 and 2014, New Hampshire reported the region’s highest percentage of housing growth in 2015, with a jump of 11.6% in sales of single-family homes. In 2016, it has become a tight seller’s market, with the average time on the market falling from 40 days to 15 days, forcing anxious homebuyers to chase rising home values. The market is especially tight for homes selling around the median home price of $228,000 or less, with homes priced over $500,000 being much more plentiful. For homebuyers who are quick or lucky enough to make a successful bid on a house, closing costs can be an added shock to premium prices paid for fast-moving homes. New Hampshire does not have the highest closing costs in the country, but these costs can still add thousands of dollars to the cost of a home purchase. It is best to shop around and compare lender closing costs, and gain an understanding of these costs, before purchasing a home.

What Goes Into Closing Costs in New Hampshire

The closing costs that actually show up on a good faith estimate may differ from lender to lender, but the following are common items that make up these costs.

Loan origination fees: Lenders charge an all-inclusive fee to cover the cost of processing the loan, from origination through funding. The fee is charged as a percentage of the loan value and stated as origination points, with each point equal to 1%. Most lenders allow buyers to add points to their closing costs in exchange for a reduced interest rate. Buyers can also roll their points into the loan to keep their out-of-pocket costs to a minimum.

Appraisal fee: Before lenders can approve a loan amount, they must be able to confirm that the property is worth what the buyer is paying. Lenders order an independent appraisal to be performed, which is paid out of the closing costs.

Settlement/Closing costs: For all of the legal aspects and a final review of the settlement, lenders turn to an attorney or a legal representative of the title company paid by the lender. Homebuyers may hire their own attorney to review the settlement, but it will be at an additional expense outside of the closing costs.

Lot survey: Depending on the property and its location, some lenders may want to verify the official property lines with a lot survey.

Title search and insurance: For every home sale, a title search must be conducted to confirm ownership and ensure the house is clear of any outstanding encumbrances. Lenders require homebuyers to purchase title insurance on the lender to protect it against any hidden title defects.

New Jersey (NJ): Average Closing Costs

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