Families who manage to save up for a down payment and get approved for a mortgage often get an unwelcome surprise: closing costs that all too often are full of junk fees.
Source: CFPB News Bulletin
In 2022, the median amount paid by borrowers was nearly $6,000 in these costs and fees. That’s a substantial upfront cost on what is already a major financial undertaking. It also appears that some closing costs are high and increasing because there is little competition.
The CFPB is working to ensure that consumers can navigate the closing process more easily, shop around, and save money. If you have a problem with your mortgage or closing costs and need a response from the company, we want to hear from you.
