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Mortgage closing costs by state: 2005

Closing Costs » Mortgage Closing Costs By State: 2005

When you're getting a mortgage and you want to pay the lowest fees possible, Wyoming is the place to live, and you should stay away from New York.

Wyoming had the lowest mortgage-related fees and New York had the highest in Bankrate.com's 2005 survey. That's without taking taxes into account.

To get a $180,000 mortgage on a single-family home worth at least $225,000, the average buyer in Laramie, Wyo., would pay $2,101 in origination fees, title insurance and other closing costs. The average buyer in New York City would pay almost twice as much: $3,907 for the same size loan. Nationally, the average fees and title insurance totaled $2,748.

Bankrate surveyed nine to 15 lenders in each state, plus Washington, D.C., and asked them to estimate the closing costs on a $180,000 loan to a buyer with an excellent credit history who had made a down payment of at least 20 percent on a single-family home in the state's largest city. The survey showed that:

  • The biggest differences among states came from the wildly varying costs for title insurance.
  • Fees for settlement services and title searches accounted for much of the rest of the disparities.
  • Origination costs -- the fees that lenders control -- didn't vary much from state to state (but they did differ from lender to lender).

Bankrate.com 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.)

Closing costs by state

RankStatesClosing cost
1New York$3,907
2Hawaii$3,628
3Alaska$3,620
4New Jersey$3,362
5Florida$3,196
6Connecticut$3,191
7Pennsylvania$3,033
8California$3,022
9Maryland$3,010
10Ohio$2,990
11New Mexico$2,980
12Alabama$2,979
13Delaware$2,964
14Massachusetts$2,892
15Texas$2,857
16Louisiana$2,851
17Washington, D.C.$2,844
18Kentucky$2,832
19Georgia$2,826
20Maine$2,809
21Montana$2,744
22Nevada$2,740
23Colorado$2,728
24Arkansas$2,719
25Arizona$2,686
26Rhode Island$2,669
27Missouri$2,655
28Idaho$2,645
29Virginia$2,631
30West Virginia$2,599
31Michigan$2,593
32New Hampshire$2,593
33Oklahoma$2,585
34Nebraska$2,576
35Iowa$2,560
36Minnesota$2,560
37Mississippi$2,555
38Vermont$2,548
39Washington$2,543
40South Carolina$2,540
41Illinois$2,533
42Tennessee$2,459
43North Carolina$2,441
44North Dakota$2,435
45Oregon$2,404
46Utah$2,373
47Indiana$2,336
48Wisconsin$2,291
49Kansas$2,256
50South Dakota$2,251
51Wyoming$2,101
   
 Average$2,748
 Median$2,669

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