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Local home closing costs among state's least expensive.

Byline: Ed Russo The Register-Guard

Compared to home values, Lane County ranks among the least expensive Oregon counties for home closing costs, according to a survey firm.

The average closing cost in Lane County of $3,201 represents 1.5 percent of the county's median home value, which made it the 12th least expensive of Oregon's 36 counties, according to SmartAsset, a financial technology company in New York City.

Ranked first, Hood River is the least expensive county, with an average closing cost of $3,551, equal to 1.1 percent of the county's median home value, SmartAsset said.

Ranked 36th, Harney County, with an average closing cost of $2,774, or 2.7 percent of median home value of $104,400, has the most expensive closing costs.

Closing costs typically include loan origination fees, title insurance, escrow fees, homeowners insurance, appraisal fees and recording costs.

"Buying a home usually requires cash for both the down payment and closing costs," said Steve Sabato, senior public relations associate for SmartAsset. "But where you are buying can have a big impact on how much you will pay in closing costs."

The average closing cost in Oregon is $3,261, said A.J. Smith, vice president of content for SmartAsset.

The firm offers an interactive website that allows people to calculate their closing costs in specific counties in Oregon and across the country.

To calculate closing costs, the firm assumed a 30-year fixed-rate mortgage on each county's median home value, with a 20 percent down payment.

All at 1.2 percent, the other counties with lowest closing costs compared to the median home value were in the Portland area - Multnomah, Clackamas and Washington.

At $3,370, Multnomah County, which includes Portland, has higher closing costs than Lane County, according to SmartAsset. However, at 1.2 percent, Multnomah County had lower closing costs as a percent of median home value compared to Lane County.

The difference can be attributed to Multnomah having a median home price of $270,200, which is $55,900 more than Lane County's median of $214,300.

SmartAsset collects data from the U.S. Census Bureau, Bankrate and government websites.

Follow Ed on Twitter @edwardrusso. Email ed.russo@registerguard.com.

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Title Annotation:Business
Publication:The Register-Guard (Eugene, OR)
Geographic Code:1U9OR
Date:May 12, 2016
Words:370
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