Who Pays What in Closing Costs: By State
Texas: We fall somewhere in between
Across the nation, home buyers can expect to pay about $2,128 in closing costs on their home purchase, based on a $200,000 loan. But Hawaiian home buyers likely will face much heftier costs at closing – the highest in the nation – at $2,655. Pennsylvania home shoppers, on the other hand, typically face the lowest, at $1,837. The latest findings come from Bankrate.com’s survey of average closing costs by state. (Note: The survey excludes discount points, taxes, title fees, property insurance, association fees, interest, and other prepaid items in its calculations.)
“Thanks to the new and improved mortgage disclosures that the Consumer Financial Protection Bureau introduced last October, closing cost estimates have become more accurate because they mandate that lenders include all costs ahead of time,” says Holden Lewis, Bankrate.com’s senior mortgage analyst. “This is great for consumers who can now comparison shop with more confidence.”
Bankrate surveyed up to 10 lenders in 50 states and Washington, D.C., in June to gather loan estimates for a $200,000 mortgage for a single-family home with a 20 percent down payment. The costs include fees charged by lenders and third-party fees for services, such as appraisals.
The following states had the highest closing costs:
- Hawaii: $2,655
- New York: $2,560
- North Carolina: $2,409
- Delaware: $2,358
- South Carolina: $2,322
- Connecticut: $2,313
These states had the lowest in closing costs:
- Pennsylvania: $1,837
- Wisconsin: $1,863
- Kentucky: $1,874
- South Dakota: $1,904
- Oklahoma: $1,911
- Missouri: $1,926
View a full breakdown of all states and Washington, D.C., to find the average home buyers pay in closing costs in your area. Source: Bankrate.com
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