Here’s two surprising/not-so-surprising statistics about home ownership in Oklahoma:
- Oklahoma is the 4th most expensive state for home closing costs;
- Oklahoma is the 3rd most expensive state to insure a home.
The 2nd statistic isn’t that surprising, we’re in "Tornado Alley." However, despite the surprisingly low home prices, Oklahoma only trails New York, Texas and Florida in the cost to close on a home.
The good news however is that this equates to only 1% of the home’s price (see here for median sales prices for Oklahoma County). Sadly though, this is an extra $3,558, you’ll have to fork out when you purchase. It’s important to make these considerations, especially since closing costs are rarely included in the home mortgage financing, and with the unstable economy, excess funding may be hard to come by.
I think you’re going to find much more funding if you’ll make quick friends with your banker, and establish a relationship of trust.
