NEW YORK, July 18, 2011 /PRNewswire/ -- Nationwide, the
average origination and title fees on a $200,000 mortgage total $4,070, which is 8.8 percent higher than a year
ago, according to Bankrate, Inc.'s (NYSE: RATE) 2011 Closing Costs
Survey.
(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )
New York leads the nation with
an average fee of $6,183.
Texas, Utah, San
Francisco and Idaho round
out the five most expensive areas. Arkansas is the least expensive area, with an
average fee of $3,378.
Most of the rise in closing costs is tied to fees charged
directly by lenders. On average, lenders charge about $1,614 in origination fees this year, up 10.3
percent from last year. Origination fees include lender charges for
services such as underwriting and processing.
"Interest rates get a lot of attention, and rightfully so, but
it's also important for consumers to compare lender fees when
shopping for a loan," said Greg
McBride, CFA, senior financial analyst for Bankrate,
Inc.
Bankrate surveyed up to 10 lenders in each state in June 2011 and obtained online good faith
estimates for a $200,000 mortgage to
buy a single-family home with a 20 percent down payment. Costs
include fees charged by lenders, as well as third-party fees for
services such as appraisals and title insurance. The survey
excludes taxes, property insurance, association fees, interest and
other prepaid items.
|
|
|
Closing Costs
|
|
|
2011 rank
|
2010 rank
|
State
|
Origination
|
Title and
closing
|
2011 total
|
|
|
1
|
1
|
New York
|
$2,210
|
$3,972
|
$6,183
|
|
|
2
|
2
|
Texas
|
$1,951
|
$2,994
|
$4,944
|
|
|
3
|
3
|
Utah
|
$1,680
|
$3,226
|
$4,906
|
|
|
4
|
4
|
California - San
Francisco
|
$1,725
|
$3,106
|
$4,832
|
|
|
5
|
10
|
Idaho
|
$1,651
|
$2,992
|
$4,643
|
|
|
6
|
5
|
California - Los
Angeles
|
$1,725
|
$2,898
|
$4,624
|
|
|
7*
|
7
|
Oklahoma
|
$1,605
|
$2,984
|
$4,589
|
|
|
7*
|
9
|
New Jersey
|
$1,406
|
$3,183
|
$4,589
|
|
|
9
|
8
|
Pennsylvania
|
$1,645
|
$2,877
|
$4,522
|
|
|
10
|
36
|
Hawaii
|
$1,795
|
$2,726
|
$4,521
|
|
|
11
|
22
|
District of Columbia
|
$1,477
|
$3,003
|
$4,479
|
|
|
12
|
12
|
Florida
|
$1,445
|
$2,973
|
$4,418
|
|
|
13
|
6
|
Alaska
|
$1,828
|
$2,569
|
$4,397
|
|
|
14
|
33
|
New Mexico
|
$1,593
|
$2,695
|
$4,288
|
|
|
15*
|
11
|
Massachusetts
|
$1,594
|
$2,650
|
$4,244
|
|
|
15*
|
34
|
Nevada
|
$1,673
|
$2,571
|
$4,244
|
|
|
17
|
17
|
Minnesota
|
$1,657
|
$2,550
|
$4,206
|
|
|
18
|
13
|
Ohio
|
$1,611
|
$2,554
|
$4,165
|
|
|
19
|
15
|
Arizona
|
$1,632
|
$2,517
|
$4,150
|
|
|
20
|
18
|
Louisiana
|
$1,630
|
$2,511
|
$4,141
|
|
|
21
|
21
|
North Dakota
|
$1,676
|
$2,456
|
$4,132
|
|
|
22
|
16
|
Wyoming
|
$1,654
|
$2,443
|
$4,097
|
|
|
23
|
48
|
Wisconsin
|
$1,806
|
$2,273
|
$4,080
|
|
|
24
|
47
|
Oregon
|
$1,723
|
$2,266
|
$3,989
|
|
|
25
|
26
|
Nebraska
|
$1,663
|
$2,308
|
$3,971
|
|
|
26*
|
23
|
Delaware
|
$1,519
|
$2,448
|
$3,967
|
|
|
26*
|
31
|
Illinois
|
$1,538
|
$2,430
|
$3,967
|
|
|
28
|
20
|
Michigan
|
$1,539
|
$2,427
|
$3,965
|
|
|
29
|
25
|
Kansas
|
$1,616
|
$2,281
|
$3,897
|
|
|
30
|
41
|
Colorado
|
$1,608
|
$2,263
|
$3,871
|
|
|
31
|
29
|
South Carolina
|
$1,647
|
$2,209
|
$3,856
|
|
|
32
|
39
|
Connecticut
|
$1,430
|
$2,412
|
$3,843
|
|
|
33
|
27
|
Washington
|
$1,580
|
$2,251
|
$3,831
|
|
|
34
|
46
|
Mississippi
|
$1,630
|
$2,199
|
$3,829
|
|
|
35
|
32
|
Tennessee
|
$1,501
|
$2,316
|
$3,817
|
|
|
36
|
28
|
Georgia
|
$1,526
|
$2,269
|
$3,796
|
|
|
37
|
24
|
West Virginia
|
$1,453
|
$2,296
|
$3,749
|
|
|
38
|
19
|
Virginia
|
$1,450
|
$2,295
|
$3,745
|
|
|
39
|
40
|
Vermont
|
$1,605
|
$2,139
|
$3,744
|
|
|
40
|
37
|
Maine
|
$1,608
|
$2,122
|
$3,730
|
|
|
41
|
14
|
Rhode Island
|
$1,555
|
$2,150
|
$3,705
|
|
|
42
|
38
|
Maryland
|
$1,533
|
$2,160
|
$3,692
|
|
|
43
|
42
|
South Dakota
|
$1,558
|
$2,124
|
$3,682
|
|
|
44
|
49
|
Montana
|
$1,548
|
$2,110
|
$3,657
|
|
|
45
|
45
|
Kentucky
|
$1,525
|
$2,102
|
$3,627
|
|
|
46
|
43
|
New Hampshire
|
$1,613
|
$1,978
|
$3,591
|
|
|
47
|
44
|
Missouri
|
$1,482
|
$2,042
|
$3,524
|
|
|
48
|
30
|
Alabama
|
$1,604
|
$1,898
|
$3,501
|
|
|
49
|
50
|
Iowa
|
$1,627
|
$1,847
|
$3,474
|
|
|
50
|
35
|
Indiana
|
$1,534
|
$1,897
|
$3,430
|
|
|
51
|
51
|
North Carolina
|
$1,571
|
$1,839
|
$3,410
|
|
|
52
|
52
|
Arkansas
|
$1,493
|
$1,886
|
$3,378
|
|
|
|
|
|
|
|
|
|
|
Average
|
$1,614
|
$2,456
|
$4,070
|
|
|
*denotes a tie
|
|
|
|
|
|
|
|
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com,
Interest.com, Mortgage-calc.com, Nationwide Card Services,
InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and
NetQuote. Each of these businesses helps consumers to make informed
decisions about their personal finance matters. The company's
flagship brand, Bankrate.com is a destination site of personal
finance channels, including banking, investing, taxes, debt
management and college finance. Bankrate.com is the leading
aggregator of rates and other information on more than 300
financial products, including mortgages, credit cards, new and used
auto loans, money market accounts and CDs, checking and ATM fees,
home equity loans and online banking fees. Bankrate.com reviews
more than 4,800 financial institutions in 575 markets in 50 states.
Bankrate.com provides financial applications and information to a
network of more than 75 partners, including Yahoo! (Nasdaq: YHOO),
America Online (NYSE: AOL), The
Wall Street Journal and The New York
Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 500 newspapers.
www.bankrate.com
Ted Rossman
Public Relations Manager
Bankrate, Inc.
ted.rossman@bankrate.com
(917) 368-8635
SOURCE Bankrate, Inc.