Monday, July 18, 2011
Closing Costs Compared
Bankrate.com's exclusive survey of lenders in each state and Washington, D.C., reveals which borrowers are likely to face the highest costs and includes a detailed breakdown of fees in each state. The estimates are based on a borrower with excellent credit buying a $250,000 homeResearchers requested a good faith estimate for a $200,000 loan, assuming a 20 percent down payment and good credit.
The table below ranks the states, from most expensive closing costs to least expensive, by average closing costs charged by the lending industry for a mortgage in each state.(Click on graphic to enlarge) Your costs will be higher than shown here because the most highly variable costs are not included: taxes, other government fees and escrow fees. While New York continues to lead the nation in costs, New Jersey is inching up from 9th place to a tie for 7th.
Bankrate surveyed one city in 49 states, two cities in California -- Los Angeles and San Francisco -- and the District of Columbia. An asterisk below denotes a tie.