The MReport Webcast: Thursday 3/26/2015

Over 60 percent of millennials are unaware of closing costs, according to a new survey. A ClosingCorp survey of more than one thousand adults found that about 2 in 3 adults age18 to 34 who plan to buy a home know nothing about closing costs. The survey also found that across all age groups, more than one-third of potential homeowners are not very or not at all aware of closing costs. Respondents were more likely to know about closing costs the older they were.

Closing costs typically equal 2 to 5 percent of the total purchase price of a home. The fees are incurred by either the buyer or the seller, and typically cover everything from appraisal, inspection, and attorney's fees to home warranties. The survey showed that most people learn about closing costs from realtors or by doing their own research. Millennials are even more likely to learn about closing costs from a realtor over other age groups by a ratio of nearly 2 to 1.

The Hispanic homeownership rate has dropped to the lowest level seen since 1999, primarily due to tight mortgage credit and higher financing costs, according to the National Association of Hispanic Real Estate Professionals. According to summary info from the 2014 State of Hispanic Homeownership report, the Latino homeownership rate dropped from 46.1 to 45.4 percent in 2014. From 2000 to 2014, Hispanics accounted for 50 percent of the net growth of overall household owners in the country.