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From 10 am today through 2 am tomorrow

The National Weather Service has issued a WIND ADVISORY for West Michigan, effective from 10 am today (Friday) through 2 am tomorrow. During the Advisory period, wind gusts of 40 to 50 mph are possible, with the strongest gusts likely near the Lakeshore. Stay with Newschannel 3 and wwmt.com for the latest weather updates.

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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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