Closing cost comparison: N.Y. most expensive again
By Holden Lewis • Bankrate.com
For the second year in a row, New York is the state with the highest mortgage-related fees in Bankrate.com's annual closing costs comparison survey.
New York's high title and settlement costs lifted the state well above No. 2 Texas. The Lone Star State was followed in the top five by Hawaii, Ohio and Florida.
Home buyers in Missouri pay the lowest closing costs, according to this year's study. The Show Me State was followed by Michigan, New Hampshire and Montana. Wyoming, which was last year's lowest-cost state, was fifth-lowest this year.
The difference between New York and Missouri was $1,174 in this year's survey. That's a hefty sum to first-time buyers who typically scrimp to save for a down payment and closing costs.
The average cost: $3,024
Lender, title and settlement fees totaled an average of $3,024. The median cost was $2,978, meaning that in half the states, they totaled more than that. These figures don't include county recording fees or recurring costs such as homeowners insurance, property taxes, homeowner association dues or prorated mortgage payments.
No matter where you live, the key to getting a good mortgage deal is to shop around. A smart borrower in Buffalo, N.Y., who asks sharp questions of two or more lenders might get a better deal than someone in St. Louis who passively accepts the first offer.
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