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Statewise average mortgage closing cost

Posted on: 12th Dec, 2005 03:18 am
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
California
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
Louisiana
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
2,744.00
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
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
Posted on: 12th Dec, 2005 04:23 pm
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,
Blue
Posted on: 12th Dec, 2005 04:38 pm
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