States with the Highest Closing Costs

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

 

7 Comments on States with the Highest Closing Costs

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..

07/13/2007 03:58 AM by Dan Cummings - Connecticut's Running Realtor (Raveis Real Estate)


Hmmm very interesting.  Maybe this is something that should be federally regulated so the states that charge too much will get corrected.

07/13/2007 06:24 AM by Bradenton Real Estate - Reynolds Realty of Manatee, Inc.


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%

07/13/2007 07:27 AM by Dominick gaccino


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.

07/13/2007 02:04 PM by Pete Castillejos-Hawaii Refinance or Purchase (808 Home Mortgage, Inc.)


Good information.  I love factoids like this.

07/17/2007 04:07 PM by Christopher Mulder (HomeQuest Financial)


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Loan Officer: Pete Castillejos-Hawaii Refinance or Purchase (808 Home Mortgage, Inc.)
Pete Castillejos-Hawaii Refinance or Purchase
Honolulu, HI
More about me…
808 Home Mortgage, Inc.

Office Phone: (808) 779-PETE
Email Me



Use Google To
Search Active Rain

ActiveRain.com



Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find HI real estate agents and Honolulu real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved