Hawaii Tops List of States With Highest Mortgage Closing Costs
Here are the 19 states with the highest mortgage closing costs.
Aug. 6, 2013 — -- intro:
With mounting mortgage origination fees, mortgage closing costs rose 6 percent to $2,402 in the past year, according to an analysis by Bankrate.com.
Origination fees, which are typically paid up-front to lenders for processing loans, increased eight percent to $1,730, while third-party fees grew by 1 percent to $672.
Hawaii's average closing cost of $2,919 is the highest in the country. Alaska ($2,675), South Carolina ($2,658), California ($2,639) and New Mexico ($2,566) round out the top 5 list.
"It's unlikely that you will move to Wisconsin solely to pay lower closing costs, but you should shop around and compare fees from different loan originators to make sure you get the best deal in your area," said Polyana da Costa, senior mortgage analyst with Bankrate.com, in a statement.
To collect its data, which excludes taxes, title fees, property insurance, association fees, interest and other prepaid items, Bankrate surveyed up to 10 lenders each state plus the District of Columbia in June 2013. The average closing costs are based on estimates for a $200,000 mortgage for a single-family home with a 20 percent down payment. Costs include fees charged by lenders and third-party fees for services such as appraisals.
Here's a list of the top 19 most expensive states by mortgage closing costs:
quicklist:1category: lender's origination fees: $1,970title: Hawaii text: $2,919
quicklist:2category: lender's origination fees: $1,925title: Alaska text: $2,675
quicklist:3category: lender's origination fees: $1,935title: South Carolinatext: $2,658
quicklist:4category: lender's origination fees: $1,977title: Californiatext: $2,639
quicklist:5category: lender's origination fees: $1,807title: New Mexicotext: $2,566
quicklist:6category: lender's origination fees: $1,840title: North Carolinatext: $2,558
quicklist:7category: lender's origination fees: $1,804title: New Jerseytext: $2,545
quicklist:8category: lender's origination fees: $1,919title: Oklahomatext: $2,519
quicklist:9category: lender's origination fees: $1,798title: Floridatext: $2,517
quicklist:10 category: lender's origination fees: $1,742title: Delawaretext: $2,502
quicklist:11category: lender's origination fees: $1,803title: Ohiotext: $2,496
quicklist:12category: lender's origination fees: $1,816title: Georgiatext: $2,490
quicklist:13category: lender's origination fees: $1,690title: Texastext: $2,468
quicklist:14category: lender's origination fees: $1,920title: Pennsylvania (tie)text: $2,460
quicklist:15category: lender's origination fees: $1,797title: North Dakota (tie)text: $2,460
quicklist:16category: lender's origination fees: $1,826title: District of Columbiatext: $2,449
quicklist:17 category: lender's origination fees: $1,767title: Montanatext: $2,446
quicklist: 18 category: lender's origination fees: $1,782title: Louisianatext: $2,443
quicklist: 19 category: lender's origination fees: $1,816title: Marylandtext: $2,441
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