A Tale of Closing Costs, Nationwide
Mortgage closing costs can vary greatly from one state to the next, just as they can vary from one mortgage lender to the next. This is an oft-overlooked part of the mortgage process — and it can cost consumers a lot of money.
A recent Bankrate report found that Hawaii has the highest mortgage closing costs in the country, with total costs averaging out to $2,655.
Pennsylvania had the lowest, with average mortgage closing costs of just $1,837.
The national average is $2,128, Bankrate found.
New York has the second-highest closing costs ($2,560), followed by North Carolina ($2,409), Delaware ($2,358), South Carolina ($2,322), and Connecticut ($2,313).
Aside from Pennsylvania, Wisconsin also has low closing costs ($1,863), as well as Kentucky ($1,874), South Dakota ($1,904), Oklahoma ($1,911), and Missouri ($1,926).
Holden Lewis, Bankrate.com’s senior mortgage analyst, said that new and improved mortgage disclosures that the CFPB late last year have helped to ensure that consumers get accurate estimates of mortgage closing costs before they sign on the dotted line.
However, it’s still a good practice to ask specific questions about closing costs when comparing mortgage offers from one lender to the next.
You can see average closing costs in all 50 states and Washington, D.C. HERE.
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