Attorneys' fees helped drive one state's mortgage closing costs above the rest.
Borrowers in the Empire State continue to pay more in closing costs than in another state, according to the 2006 National Closing Cost Survey recently announced and released by Bankrate.com.
The survey compared lender, title and settlement fees in major cities in all 50 states and the District of Columbia.
Survey researchers picked a ZIP code and requested information on the closing costs a borrower with good credit and a 20 percent downpayment would pay on a 30-year fixed-rate home loan of $200,000.
"No matter where you live, it pays to shop around," said Daniel P. Ray, editor in chief of Bankrate.com, in the announcement.
Nationwide, average closing costs rose to $3,024 from $2,748 last year, Bankrate.com said.
For the second year in a row, New York had the highest closing costs -- $3,887. New Yorkers paid $607 for "attorney, closing or settlement fee," $316 for the "survey" fee, and $1,060 for title insurance, compared to the respective national average fees of $362, $144, and $663.
Texans paid the second-highest closing costs at $3,578, followed by Hawaiians' $3,407. Ohioans' $3,354 and Floridians' $3,349, according to the survey report. Last year, Texas ranked No. 15 and Ohio No. 10.
Borrowers in Missouri paid the lowest closing costs -- $2,713, followed by $2,714 in Michigan, $2,734 in New Hampshire and $2,737 in Montana. Last year, these four states' closing costs were within the 32 highest. Wyoming, which was last year's lowest-cost state, had the fifth-lowest at $2,772, the same as in D.C., Bankrate.com reported.
In conjunction with the survey, 1,005 consumers nationwide were polled about their closing cost fees. The responses showed that 13 percent had paid more on closing costs than what they were told by their lender and 8 percent ended up paying less than the lender had estimated. However, 60 percent paid fees about the same as the estimate they originally received, Bankrate.com said.