Wednesday
October 1, 2014

Survey Tracks Where Closing Costs Are Highest, Lowest

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Survey Tracks Where Closing Costs Are Highest, Lowest

Closing costs have climbed 6 percent in the past year, according to a new survey by Bankrate.com. On a $200,000 single-family loan, borrowers with great credit who are making a 20 percent down payment are paying $2,402, on average, in closing costs nationwide.

But closing costs vary greatly from lender to lender as well as from state to state. 

The states with the highest average closing costs, according to Bankrate’s survey: 

  • Hawaii: $2,919
  • Alaska: $2,675 
  • South Carolina: $2,658
  • California: $2,639 
  • New Mexico: $2,566 

Meanwhile, the states with the lowest averages in closing costs are: 

  • Wisconsin: $2,119 
  • Missouri: $2,188 
  • Kansas: $2,193 
  • Michigan: $2,203 
  • Washington: $2,208

The survey excludes taxes, property insurance, title fees, interest, association fees, and other prepaid items. 

Source: “Mortgage closing costs are on the way up,” USA Today (Aug. 5, 2013)

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