As anyone that follows the news closely knows, the State of Illinois and Chicagoland has had it's fair share of troublesome press as of late. Oh heck ... the truth is we've had alot of troublesome press! Whether about our former governors or financial/debt issues, the news has been rather negative (and frustrating) for our state. Good news has definitely been in short supply.
But now ... there is some good news to report!
In a survey conducted by Bankrate.com, the State of Illinois was reported to rank #26 in results measuring mortgage "Closing Costs", (tied in that spot with Delaware). Yes, the state had slipped some from last year's survey where it ranked #31 ... and granted we can do better, but still ... the spot at #26 is good news for potential Illinois and Chicagoland home buyers or those hoping to refinance.
Wow! I'm not used to receiving GOOD news regarding our state. These results are refreshing!
How did Bankrate.com determine the rankings? Rankings were determined by averaging Closing Costs charged (high to low) by at least 10 lenders within each state during June 2011. Good Faith Estimates were compared for loans with a 20% downpayment and a single-family home purchase price of $200,000.
(It should be noted, that Closing Costs will actually be higher than reported, as the variable costs included in obtaining a mortgage are not included. Those variable costs being taxes, other government fees, and possible escrow fees.)
There were a few surprises for me within this survey. A few states had average Closing Costs higher than what I would have guessed they would. And although there is always room for improvement regarding the costs of Illinois and Chicagoland mortgage Closing Costs, there is also reason for celebration. As evidenced by this survey report, things could be worse ...
And THAT'S news we residents of Illinois and Chicagoland don't hear or see often ...
* Contact me today for your own good news on mortgage rates and mortgage Closing Costs when buying or refinancing a home in Chicagoland and Illinois.
I can be reached at: Direct: 815./277.4036 Cell/Text: 708.921.6331
Email: gene@chicagobancorp.com
Website: http://www.genemundt.com
Click here for a: NO Cost NO Obligation Mortgage Consultation
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Now on Skype! 630-219-1316
