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Closing Will Cost You in New York

The numbers are in, and New York tops the list of states boasting the highest mortgage closing costs nationwide. The results of the ""Bankrate, Inc."":http://www.bankrate.com/ survey demonstrate New York's dubious dominance in closing fees for the second straight year.


Other high-cost areas rounding out the top five? Texas, Utah, San Francisco, and Idaho. New York leads the U.S. with average closing costs of $6,183, and Texas follows with a much lower average fee of $4,944. Utah's closing totals average $4,906, and San Francisco and Idaho ring in with average fees of $4,832 and $4,643, respectively.

Nationally, the total cost of origination and title fees has risen since last year by 8.8 percent, to an average cost of $4,070 on a $200,000 mortgage.


""Bankrate"":http://www.bankrate.com/?ec_id=m1027719 credits the increase in overall costs to origination fees levied by lenders, and the data generated during the recent survey showed a 10.3 percent jump in mortgage origination fees. Lender fees include such services as underwriting and processing costs, and the average charge for a borrower stands at $1,614 nationwide, according to ""Bankrate's"":http://www.bankrate.com/?ec_id=m1027719 statistics.

States coming in on the low end of the closing cost spectrum include Arkansas, North Carolina, Indiana, Iowa, and Alabama. Arkansas claims the most diminutive total average fees for borrowers at $3,378.

""Bankrate's"":http://www.bankrate.com/?ec_id=m1027719 senior financial analyst, Greg McBride, CFA, said of the findings, ""Interest rates get a lot of attention, and rightfully so, but it's also important for consumers to compare lender fees when shopping for a loan.""

To obtain its data, the company polled 10 lenders in every state during June and based each average on estimates for a $200,000 mortgage on a single-family home with a 20 percent downpayment.

""Bankrate's"":http://www.bankrate.com/?ec_id=m1027719 survey reflects the average costs of lender fees and third-party fees, like appraisals and title insurance, but the poll excluded other costly items for borrowers such as taxes, property insurance, association fees, and interest.

""Bankrate, Inc."":http://www.bankrate.com/ is comprised of a network of companies such as Bankrate.com, Interest.com, Mortage-calc.com, Nationwide Card Services, InsureMe, CreditCardGuide.com, Bankaholic, Credit Cards.com, and NetQuote. Each business within the Bankrate, Inc. profile targets consumers and consumer information to assist borrowers in making important personal finance decisions.

About Author: Abby Gregory


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