home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


Most Expensive States

Bankrate.com survey examines closing costs

February 1, 2007

By MortgageDaily.com staff


When it came to closing costs last year, New Yorkers still paid the most. But Beaver State residents saw the biggest increase in mortgage costs.

Such conclusion was derived from Bankrate.com's annual closing costs survey, which observed information obtained on the closing costs for a 30-year fixed-rate $200,000 single-family loan with a 20 percent downpayment for borrowers with good credit and within a ZIP code in the biggest city in each state, except New York.

In New York, where researchers chose Buffalo because New York City is "unique," closing costs this year were reportedly $3,887 -- again the highest of all states due to high title and settlement costs.

Bankrate.com noted that closings there are usually attended by attorneys for the lender, title company, borrower and seller, and sometimes the seller's lender. Another item that may contribute to the higher costs is the state's mortgage recording tax, which includes a "special additional tax" that the lender is obligated to pay but ultimately doesn't.

"As such, multistate lenders might have a quarter-point higher fee for New York so they don't have to absorb it," Ellen Bitton, owner of Park Avenue Mortgage in Manhattan, reportedly told Bankrate.com. "Even though they're paying for it, they're passing it along."

Texas jumped to being the state with the second-highest closing costs -- $3,578 -- from being the 15th most expensive state last year also due to high title and settlement fees, Bankrate.com said.

Nationwide, lender, title and settlement fees totaled an average of $3,024 and the median cost was $2,978, increasing from $2,748 and $2,669 in 2005, respectively. Bankrate.com said, noting that, in most states, title insurance averaged less than $600, but in New York and Texas, title insurance premiums are well above $1,000.

Hawaii's closing costs of $3,407 were the third-highest, compared to the second-highest last year, and included the highest loan fees charged directly by lenders, averaging $1,922 in the survey, Bankrate.com said.

The remainder of the 10 most expensive states to close a loan in were Ohio, Florida, Connecticut, Alaska, New Mexico, Kentucky and Alabama. The last three joined Texas as states that incorporated the top 10 this year, according to the survey.

However, Oregon's ranking worsened the most over the year -- jumping 30 spots to be the 15th most expensive state. Oklahoma and Wisconsin followed by each climbing 22 spots to respectively take 11th and 26th place, while Tennessee and Mississippi each worsened their ranking by 21 spots to respectively take spots No. 16 and No. 21.

There difference between New York and Missouri, which had the lowest closing costs, was $1,174. Borrowers in Michigan paid the second-lowest closing fees, at $2,714, followed by New Hampshire, Montana and Wyoming -- which was last year's lowest-cost state.

Maryland improved its ranking by the most -- as it went from being the 9th most expensive state last year to No. 38 in this year's survey -- and was followed by Montana and Missouri.


SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders