Statewise average mortgage closing cost

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Icon Mini Profile Jessica
Jessica
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Joined: 08 Jun 2004

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Location: OHIO
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PostPosted: Mon Dec 12, 2005 4:18 am    Post subject: Statewise average mortgage closing cost

Closing costs include the total amount of fees that a lender charges from a borrower at the time of closing of a mortgage loan. These include appraisal fee, title search and title insurance fees, credit report fee, loan origination fee, points, attorney's fee and others. The closing costs vary from one state to another and also from one lender to another.

The average mortgage closing costs charged in different states in the United States are provided below.

States
Average closing costs (in $)
Alabama
2,979.00
Alaska
3,620.00
Arizona
2,686.00
Arkansas
2,719.00
Californ ia
3,022.00
Colorado
2,728.00
Connecticut
3,191.00
Delaware
2,964.00
District of Columbia
2,844.00
Florida
3,196.00
Georgia
2,826.00
Hawaii
3,628.00
Idaho
2,645 .00
Illinois
2,533.00
Indiana
2,336.00
Kansas
2,256.00
Kentucky
2,832.00
Louisi ana
2,851.00
Maine
2,809.00
Maryland
3,010.00
Massachusetts
2,892.00
Michigun
2  ,593.00
Minnesota
2,560.00
Mississippi
2,555.00
Missouri
2,655.00
Montana
2,7 44.00
Nebraska
2,576.00
Nevada
2,740.00
New Hampshire
2,593.00
New Jersey
3,362.00
New Mexico
2,980.00
New York
3,907.00
North Carolina
2,540.00
North Dakota
2,435.00
Ohio
2,990.00
Oklahoma
2,585.00
Oregon
2,404.00
Pennsylvania
3, 033.00
South Carolina
2,540.00
Tennessee
2,459.00
Texas
2,857.00
Utah
2,373.00
Vermont
2,548 .00
Virginia
2,631.00
Washington
2,543.00
West Virginia
2,599.00
Wisconsin
2,291.00
Wyoming
2,101.00
Icon Mini Profile Samantha
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Joined: 16 Sep 2005

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PostPosted: Mon Dec 12, 2005 5:23 pm    Post subject:

The difference in closing costs are mainly due to -

  • variation in cost for title insurance between the states
  • difference in fees for settlement services and the title searches
  • origination costs which don't vary much between states but they vary between lenders


This is the fact found out from a survey conducted on lenders of different states.

Thanks,
Samantha

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Joined: 21 Oct 2005

Posts: 1138
Location: MARYLAND
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PostPosted: Mon Dec 12, 2005 5:38 pm    Post subject:

Some of the fees under closing cost can be negotiated and some other are governed by the statelaw.

Generally closing costs can be 2 to 7 percent of the home price.

Regards,
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