The global residential mortgage market is estimated to be worth $31 trillion. 66 percent of all Americans have a mortgage on their house while in the UK and China it’s as high as 70%. It’s a segment of the financial markets that hits close to home for a large portion of the global population.
The average mortgage closing costs would typically vary between 2 and 5 percent of the price of the property, including broker fees, loan origination fees, underwriting fees, surveyor fees, legal fees, and title fees. That means on a house of $250,000, the buyer can expect to pay anything between $5,000 and $12,500 just to obtain a mortgage.