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States With Highest, Lowest Closing Costs

New York highest according to Bankrate.com

August 7, 2008

By MortgageDaily.com staff


The cost to close a mortgage loan varies by nearly $1,400 between the states with the highest and lowest closing costs, according to a new report.

Bankrate.com released its 2008 ranking of closing cost by state today.

The findings were based on closing-costs for a $200,000 loan obtained from at least four lenders in each state. A 20 percent down payment and good credit was assumed.

The states of California, Illinois and New York were broken into multiple markets because of a presumed disparity.

New York - New York City came in as the most expensive area to close a loan. Closing costs were found to be $4,015. Last year, when Bankrate.com did not separate the state into multiple regions, New York had the highest costs. This year, Buffalo ranked No. 3 at $3,845.

At $3,975, Texas ranked as the state with the second highest closing costs during 2008. Texas also ranked No. 2 last year.

No. 4 this year was Florida, which Bankrate.com said averaged $3,683 in closing costs. The Sunshine State was No. 3 last year, though that was the result of New York's split.

Oklahoma came in with the fifth highest closing costs, at $3,558. Oklahoma held a No. 8 ranking last year.

New Mexico, New Jersey, Pennsylvania, Alaska and Colorado ranked from No. 6 to No. 10 during 2008.

The state with the lowest closing costs was North Carolina, which averaged $2,650. Last year, North Carolina ranked No. 47.


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