NY State Ranks as Highest Mortgage Closing Costs in the U.S. for the Third Straight Year

RISMEDIA, July 13, 2007—Bankrate, Inc. announced that New York State is the most expensive location in the country to close a mortgage transaction. The average closing cost in New York is $3,830, compared to Indiana (least expensive state) at $2,339.

The survey compared the costs of lender fees, title fees and settlement fees in 51 geographic locations. Included in the study is a detailed listing of average closing fees by state, and a printable worksheet for consumers to compare average costs to their lenders’ fees.

“Consumers armed with information can make better deals,” said Holden Lewis, senior reporter at Bankrate.com. “Many fees are fixed costs, but others are negotiable. Doing homework can save consumers money in the end,” Lewis added. The Bankrate survey includes tips and advice on saving money on closing costs.

Bankrate’s Closing Cost Survey was conducted in June of 2007 by obtaining four to nine good faith estimates from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan. They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20% down payment and good credit to buy a single-family house. Bankrate’s survey includes lenders’ origination fees and title and settlement fees, and not taxes or prepaid items.

Top 5 Highest Closing Cost States of 2007

1. New York, $3,830
2. Texas, $3,413
3. Florida, $3,175
4. Pennsylvania, $3,169
5. Ohio, $3,047

For more information, visit www.Bankrate.com.

Real Estate Hot Topics

Profit Center: Real Estate Tips, Training & Events

RISMedia Solutions

RISMedia on the Go

Today's Featured Listing