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States with the Highest Closing Costs

By
Mortgage and Lending with TBA

Interesting factoid...

According to Bankrate.com, the states that charge the most in closing costs for a mortgage are as follows:

1) New York

2) Texas

3) Florida

4) Pennsylvania

5) Ohio

The states with the lowest fees in closing costs are Indiana, Wyoming, Illinois, Nevada, North Carolina.

The following article explains why states differ, including the fact NY has attorneys conduct their closings!

http://www.bankrate.com/brm/news/mortgages/2007/closing_costs_overview_1.asp

Aloha,

Pete

No Longer Active
Real Estate - Fallon, MT
Interesting... In Connecticut an attorney handles the closing also so I would have thought we ranked up near NY but the article didn't have a complete breakdown of all the states..
Jul 12, 2007 08:58 PM
Linda Reynolds
Bradenton Real Estate - Linda Reynolds - Bradenton, FL
Bradenton Real Estate
Hmmm very interesting.  Maybe this is something that should be federally regulated so the states that charge too much will get corrected.
Jul 12, 2007 11:24 PM
Dominick Gaccino
Dominick gaccino - Peekskill, NY

ny is prob the highest in the burroughs

 

nys ,mtg tax there is like 2% of the loan

 

while in other counties is only .8%

Jul 13, 2007 12:27 AM
Pete C
TBA - Kailua, HI
Hawaii Mortgage Loan and Refinance

Dan - Yeah, I wish it showed all 50 states.  We don't require an attorney in Hawaii, as long as it's notarized.

Linda - I agree, but I guess state taxes are involved and some states use attorneys?

Dominick - That's probably why it's higher closing costs.  Thanks.

Jul 13, 2007 07:04 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Wonder where we rank?
Jul 16, 2007 09:58 AM
Pete C
TBA - Kailua, HI
Hawaii Mortgage Loan and Refinance
Sally - I wonder too...
Jul 16, 2007 06:25 PM
Delete Profile Delete Profile
Delete My Active Rain Profile - Riverside, CA

Good information.  I love factoids like this.

Jul 17, 2007 09:07 AM