A comprehensive study of closing costs nationwide, sponsored by Bankrate, shows Tennessee’s average costs are below average. Tennessee currently ranks 42nd in the nation …and, in this study, the lower our ranking the better!
Average closing costs for a home involving a $180,000 loan for Tennessee totaled $2,459. The national average is $2,748.
The biggest differences between state and national average costs were in the following categories:
Mortgage broker, origination or lender fees
– Tennessee: $688
– U.S.: $853
Attorney, closing or settlement fee
– Tennessee: $363
– U.S.: $426
Title insurance
– Tennessee: $690
– U.S.: $756
Title work – Title search, plat drawing, name search, endorsements
– Tennessee: $141
– U.S.: $167
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