Mortgage closing costs by state: 2003

Closing Costs » Mortgage Closing Costs By State: 2003

Lenders, brokers and third-party mortgage originators charge all sorts of fees to borrowers. It's hard for borrowers to know whether they're being overcharged.

To clarify things, gathered closing-cost information in 50 states and the District of Columbia. Researchers found lenders that calculate good faith estimates on their Web sites. The researchers then collected good faith estimates from six lenders that do business in each state and the district, for a total of 306 good faith estimates.

We have listed the highest, lowest and average fees quoted by the online lenders. We also have listed the percentage of institutions that charged a certain fee. For example, 47 percent of the good faith estimates charged origination points. This is a fee, based on the size of the loan, that covers some of the lender's overhead costs and profit. Forty-six percent of the good faith estimates listed a broker or lender fee -- sometimes instead of origination points, and sometimes in addition to origination points.

Some estimates listed title insurance and some didn't. Some estimates listed state and local taxes, and others didn't.

All the estimates were based on a $180,000 loan to an applicant with good credit who makes a down payment of at least 20 percent on the purchase of a single-family residence researchers gathered closing-cost information from 50 states and the District of Columbia. Below, ranked from most-expensive to least-expensive, are the average total closing costs charged for a mortgage, in each state. (Editor's note: Closing cost total does not include taxes, other governmental fees or escrow fees.)

2003 closing costs

Loan amount: $180,000

Lender/broker feesHighestLowestPercentage of institutions chargingAverage
Points in $$3,148$22547%$1,038
Administration fee$600$32514%$336
Application fee$350$20018%$205
Commitment fee$660$2952%$498
Document preparation$400$2534%$194
Funding fee$375$20014%$228
Mortgage broker or lender fee$1,161$15046%$839
Tax service$100$6082%$73
Wire transfer$45$1550%$31
Third-party feesHighestLowestPercentage of institutions chargingAverage
Attorney or settlement fees$1,423$5093%$445
Credit report$55$8.5081%$29
Flood certification$25$1095%$17
Pest & other inspection$200$308%$68
Title insurance$2,075$5083%$605
Title work (Title search, plat drawing, name search)$625$2529%$200
Government feesHighestLowestPercentage of institutions chargingAverage
Recording fee$220$2399%$76
City/county/state tax stamps/intangible tax$6,750$22.5033%$1,339
Total feesHighestLowestPercentage of institutions chargingAverage
All fees of all types$11,395$1,020100%$3,350

Source: researchers Karen Christie and Debbie Carrick


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