Home Closing Costs in New Mexico

BY RENE THOMPSON Here's some good news for home buyers in Bernalillo County: the county has some of the lowest closing costs in the state, according to a study by financial technology company SmartAsset. Bernalillo County ranked fourth in the state, with an average closing cost of $3,530 and median home value of $185,500. The study measures closing costs as a percentage of median home value. Los Alamos County ranked the highest at $4,122, with more than double the median home value at $280,700. Dona Ana County was the cheapest at $3,262 with a median value of $137,300. Closing costs are a crucial aspect of buying a home because they include accrued miscellaneous costs such as loan processing, land surveyor fees, as well title and deed costs. Closing costs are usually between 2 and 5 percent of the purchase price, but can range from 1 to 8 percent. Here are the top 10 New Mexico counties for closing costs:   To see more about closing costs, most affordable housing or average annual mortgage payments by county nationwide, go to https://smartasset.com/mortgage/how-much-house-can-i-afford#map. Rene is a staff writer at ABQ Free Press. Reach her at rene@freeabq.com. (Photo credit: thestar.com)

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