An interesting survey has been published by Bankrate.com that shows the average closing costs for each state, based on a $200,000 mortgage with 20% down and good credit. One of the first things I noticed when I moved my real estate business from Colorado to Idaho in 2008 was that closing costs were noticeably higher here.
The average of all states was $3,741 this year, a 36.6 percent increase over last year's average of $2,739. Fees charged directly by lenders went up 22.8 percent, while fees charged by third parties, for things such as appraisals and title insurance, rose 47.2 percent. Idaho's average closing costs were 10th highest at $4,077. Here is a breakdown of Idaho's average closing expenses.
Leading the states with the highest closing costs was New York, at $5,623. On the low end, Arkansas came in at $3,007. Click here to see where every state ranks.
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