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Appraisal fees lag behind as other closing costs spike
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New data from Bankrate.com, an aggregator of financial rate information, shows what many settlement services professionals have seen with their own eyes over the past 12 months — closing costs are on the rise, just not necessarily for appraisals.
Closing costs, comprised of both origination fees and third-party fees, jumped 6 percent nationally over the past year, with the average cost topping out at $2,539 for a $200,000 loan: Origination fees increased 9 percent (to an average of $1,877 on a $200,000 loan) and third-party fees, such as for appraisals and credit reports, increased only 1 percent (to an average of $662 on a $200,000 loan).
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