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Missouri: A state with some of the lowest closing fees in the Country (Oct 2008)

Bankrate.com recently released their latest survey on MSN.com: Where you'll pay the lowest loan fees

In each state, they requested a good faith estimate based on a $200,000 mortgage, assuming a 20% down payment and good credit. New York ranked the highest and North Carolina ranked the most economical.

Missouri ranked 3rd in the cost comparison chart, with some of the lowest fees in the country.

While an attorney in Missouri will prepare the deed, it is not common in South Central Missouri for an attorney to actually attend closing. In fact, in all the years I've been in real estate, I cannot remember one time when an attorney was present at a closing. This is very, very different from Illinois, where I moved from. There our attorney reviewed the offer and the contract on our home before we ever handled any of the paperwork!

A few factors to consider in Missouri:

Low state and local taxes.

Reasonable appraisal fees.

Reasonable title insurance premiums.

Reasonable title company fees. (most companies are locally owned)

Low to no attorney fees.

Now continues to be the time to BUY real estate in Missouri. Now continues to be the time to SELL real estate in Missouri.

United Country VIP Realty serves Marshfield MO and all of Webster County; Lebanon MO and all of Laclede County and Buffalo MO and all of Dallas County. Our experiences are based on this area and may not be the same as agents in the more urban areas of St. Louis and Kansas City.

Posted by Debbie DiFonzo - Lebanon, Marshfield, Buffalo Missouri Real Estate on 10/05/2008 07:14 PM

Comments (6)

Closing Costs in the Home Buying Channel

rural missouri living, lebanon mo, marshfield mo, buffalo mo, missouri real estate

Originally posted at: Living in Missouri Blog: Missouri: A state with some of the lowest closing fees in the Country (Oct 2008)

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6 Comments on Missouri: A state with some of the lowest closing fees in the Country (Oct 2008)

OCT

2008

Debbie, I have to say your state is so affordable!! Amazing, I'll bet we are at the top of the list!

OCT

2008

Carole - Yes, hate to say it, but New York was #1 on the list! Highest fees in the country.

OCT

2008

Hi Debbie, Thank you for that great post ! I have been in the business for 20 years and this State has the lowest Closing Cost fees. To add to that, our Bank has the lowest CLosing Costs and we offer our Guaranteed Closing Costs to all of our customers. Have a great day !!

OCT

2008

Eric - Glad to hear OakStar Bank has low closing costs and that you offer a guarantee.

No one is talking about this, but I do believe that high closing costs helped get us where we are today, in this finacial mess. I have seen closing costs in excess of $7,000 -- for a home less than $150,000. That money was then financed into the loan. Crazy!

OCT

2008

OCT

2008

Missouri is a great "value" state - low closing costs, stable pricing, good housing stock, and favorable rankings on the PMI affordability and volatility indexes. Alot of good reasons to buy in the our state.

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