WINTER WEATHER ADVISORIES

UNTIL 8 PM

WINTER WEATHER ADVISORIES remain for all of West Michigan until 8 PM.  The expiration time is 4 PM in Berrien, Cass, St. Joe, and Branch counties.  1" to 3" of snow followed by freezing rain has left some roads slippery.  Areas of light snow and freezing drizzle won't do our roads any favors through sunset.  Please be careful traveling during your evening commute and beyond!

Stay with wwmt.com for your weather this afternoon and always! 

 

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Closing costs rise on home sales

Updated: Wednesday, August 6, 2014
Closing costs rise on home sales story image

(NEWSCHANNEL 3) - While mortgage rates are low, tighter lending regulations are making it more expensive for home buyers when it comes time to closings.

The average cost of closing on a $200,000 loan was more than $2,500 in June, according to Bankrate.com.

That's 6-percent higher than last year.

The reason behind the hike is new guidelines put in place after the mortgage crisis.

Now lenders are looking closer at credit history, excessive debt and income level.

That time and manpower is then passed on to the borrowers' bill.

Closing costs not only include lender fees, but third-party expenses such as appraisals and credit reports




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