Why are closing costs relatively low in certain New Mexico counties – and why does that matter?
BY RENE THOMPSON
Here’s some good news for home buyers in Bernalillo County: the county has some of the lowest closing costs in the state, according to a study by financial technology company SmartAsset.
Bernalillo County ranked fourth in the state, with an average closing cost of $3,530 and median home value of $185,500.
The study measures closing costs as a percentage of median home value. Los Alamos County ranked the highest at $4,122, with more than double the median home value at $280,700. Dona Ana County was the cheapest at $3,262 with a median value of $137,300.
Closing costs are a crucial aspect of buying a home because they include accrued miscellaneous costs such as loan processing, land surveyor fees, as well title and deed costs. Closing costs are usually between 2 and 5 percent of the purchase price, but can range from 1 to 8 percent.
Here are the top 10 New Mexico counties for closing costs:
To learn more about closing costs, affordable housing or average annual mortgage payments by county nationwide, visit smartasset.com.
Rene is a staff writer at ABQ Free Press. Reach her at email@example.com.
(Photo credit: thestar.com)