Mortgage closing costs by state: 2006
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.
Bankrate.com researchers gathered closing-cost information from at least eight lenders in all 50 states and the District of Columbia. Researchers requested a good faith estimate for a $200,000 loan, assuming a 20-percent down payment and good credit. Below, ranked from most expensive to least expensive, are the average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: Taxes, other governmental fees and escrow fees. They vary almost infinitely, by locale and by which day of the month the closing occurs. With one exception, the quotes were gathered for the largest city in each state. Because of the unique nature of New York City's real estate market, Buffalo was used.
Closing costs by state
| || ||2006 average||$3,024|
| || ||2006 media||$2,978|
| || ||2005 average||$2,748|
| || ||2005 median||$2,669|