Closing costs: highs, lows and averages

By Larry Getlen • Bankrate.com

See results of the 2006 survey

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, Bankrate.com 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. For a printable version of this chart with space to compare your lender's costs, click here.