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NY's Closing Costs Highest, Foreclosure Process Longest

U.S. closing costs rise from 2010

July 18, 2011

By MortgageDaily.com staff


A recent report indicated that New York foreclosures take longer to complete than in any other state. A new study found that the Empire State has the highest closing costs of any state. Nationwide, costs were up 9 percent from 2010.

On a national basis, the average fees on a $200,000 mortgage are $4,070, according to a report released Monday from Bankrate.com. In addition to $2,456 in title fees, the costs reflect around $1,614 in origination fees including underwriting and processing fees.

Bankrate.com said the results were based on a survey of 10 lenders in each state during June. The fees are representative of costs for a loan to purchase a single-family residence with 20 percent down.

The cost to close a real estate loan is up 8.8 percent from 2010 -- with much of the increase coming from a 10.3 percent rise in origination fees.

The most expensive state is New York, where a $200,000 purchase-money mortgage costs $6,183, including $2,210 in origination fees and $3,972 in title and closing fees. The state ranked No. 1 in the 2010 survey.

New York also has the distinction of being the state where the foreclosure process takes the longest: 966 days. That report, from RealtyTrac, indicated that the average U.S. timeline was 318 days.

But despite the poor showing, New York's 48 percent average loan-to-value ratio was the lowest of any state, based on recent data from CoreLogic.

In Bankrate.com's report, Texas ranked second with $4,944 in closing costs.

Utah's $4,906 followed, then Northern California's $4,832 and Idaho's $4,643.

The cheapest state to finance a home is Arkansas, where costs totaled just $3,378.

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