When you go through the closing process when buying a house,most people are aware that there will be closing costs. What they don't know is that mortgage closing costs are higher here in the state of Florida then 41 other states. Which puts us in the top 10 of that list. WOW! Hawaii has the highest closing costs averging almost $3,000!!!
The average closing cost on a loan of $200,000 is going to be about $2,500, this is assuming you have good credit and can put 20% down. These mortgage rates and closing costs are going to vary state to state. For example if you were to purchase a home in Hawaii your costs would be closer to $3,000.00. Of course you also have the other end of the spectrum too, if you decided on Wisconsin instead your costs would be closer to $2,200.00.
Florida being number 9 on this list puts us up 4.8% higher than the national average which is supposed to be about $2,400.00. Then the icing on the cake for fees charged by the lender and/or a third party involved. Mortgage closing rates are up across the nation by about 6% around this time last year. Be sure you carefully look over your contract if you have a "No closing costs" deal.