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.
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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 |
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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.
Ted Rossman
Public Relations Manager
Bankrate, Inc.
[email protected]
(917) 368-8635
SOURCE Bankrate, Inc.
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