Two interesting articles about home purchase financing and the associated closing costs:
The first one is from CNN: "Mortgage closing costs fell 7% for homebuyers"
"Federal regulations are helping to significantly reduce the amount new homebuyers are paying come closing time. The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier.
Included in those costs are origination expenses, such as application fees and the cost of doing credit checks, and third-party fees, such as those paid for title searches and insurance."
The full article is here:
The second article is from DSNews.com: "Banks Ease Lending Terms to Meet Increased Demand: Fed Survey"
"Commercial banks eased standards for residential mortgage loans to meet a sharp increase in demand in the second quarter, the Federal Reserve
reported Monday in its quarterly survey of bank lending standards."