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Closing costs a mystery to millennials and many other home buyers

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About two-thirds of people ages 18-34 who plan to buy a home are unaware of closing costs, according to survey results released today by ClosingCorp., a real estate analytics firm. The survey also found that across all adult age brackets, more than one-third of potential homeowners are “not very” or “not at all” aware of closing costs. “This study emphasizes the need to better educate millennials, and really all consumers in general, on the real estate closing process. While interest rates are often the driving force in initiating a real estate transaction, the Realtor, lender, title and other settlement fees also have a significant impact on the down payment and cash outflow from the borrower perspective,” ClosingCorp. CEO Brian Benson said in the release. Information on closing costs typically is provided by real estate agents.