Baltimore – Maryland ranks among the country’s more affordable states when it comes to closing on a home, the Baltimore Journal is reporting. A new report by Bankrate Inc. puts the state 37th and well below the national average. For example, the average closing cost for a $200,000 mortgage is $3,402, including $1,481 for origination costs and $1,921 for title and closing fees, according to Bankrate’s study. The national average this year totaled $3,741, up from $2,732 in 2009. Read the Baltimore Business Journal report and see Bankrate’s state rankings.
For more information about Maryland’s Downpayment and Settlement Expense Program, which helps qualified buyers with their settlement costs, visit the Maryland Department of Housing and Community Development’s website. Also learn more about the great rates available for first-time homebuyers through the Maryland Mortgage Program.