New York holds on to its No. 1 ranking as the leader in mortgage fees. Where does Utah rank?

© Creatas/age fotostock

See where Utah ranks

2008 rank	2007 rank	State	2008 closing costs
1	1	New York - NYC	$4,015
2	2	Texas	$3,975
3	N/A	New York - Buffalo	$3,845
4	3	Florida	$3,683
5	8	Oklahoma	$3,558
6	9	New Mexico	$3,466
7	7	New Jersey	$3,432
8	4	Pennsylvania	$3,411
9	16	Alaska	$3,408
10	24	Colorado	$3,358
11	N/A	San Francisco	$3,321
12	5	Ohio	$3,317
13	17	California - LA	$3,250
14	35	Kentucky	$3,213
15	27	West Virginia	$3,201
16	11	Connecticut	$3,200
17	25	Michigan	$3,191
18	N/A	Sacramento, CA	$3,179
19	41	Oregon	$3,161
20	6	Hawaii	$3,134
21*	39	Alabama	$3,130
21*	12	Massachusetts	$3,130
23	19	Maryland	$3,117
24	15	Tennessee	$3,116
25	37	South Carolina	$3,103
26	10	Delaware	$3,098
27	46	Arizona	$3,096
28	22	District of Columbia	$3,086
29	33	Idaho	$3,064
30	14	Mississippi	$3,059
31	28	Arkansas	$3,049
32	13	Louisiana	$3,042
33	48	Nevada	$3,039
34	38	Washington	$3,028
35	20	Virginia	$3,007
36	34	Montana	$2,970
37	36	Iowa	$2,940
38	44	Wisconsin	$2,940
39	18	Rhode Island	$2,932
40	26	Minnesota	$2,930
41*	21	New Hampshire	$2,922
41*	23	North Dakota	$2,922
43	31	Georgia	$2,900
44	43	Nebraska	$2,891
45	32	Utah	$2,882
46	51	Indiana	$2,878
47	30	Vermont	$2,872
48	49	Illinois - Chicago	$2,869
49	N/A	Illinois - Springfield	$2,826
50*	50	Wyoming	$2,804
50*	36	Iowa	$2,804
52	40	South Dakota	$2,797
53	29	Maine	$2,793
54	45	Missouri	$2,758
55	42	Kansas	$2,669
56	47	North Carolina	$2,650

The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state's most populous city. Bankrate also surveyed Springfield, Ill.; Buffalo; San Francisco; and Sacramento, Calif., just in case Chicago, New York and Los Angeles were unrepresentative. It turns out that it didn't matter much. Cities in the same state weren't far apart in total closing costs.

Researchers gathered closing-cost information from at least four lenders in all 50 states and the District of Columbia. In California, Illinois and New York, researchers also collected data from multiple markets where there was a presumed disparity.

Researchers requested a good faith estimate (GFE) for a $200,000 loan, assuming a 20% down payment and good credit. The amounts in the chart above 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.

Tips for saving on closing costs.

Blog Archive

© 2008 Chobeso Inc., All Rights Reserved.
Developed and Hosted by ProAgentWebsites.com