Infographic: Mortgage Closing Costs Rise

Texas has the highest costs

If you’ve been waiting for just the right time to purchase a home, you better hurry. Bankrate.com reports mortgage closing costs increased 6% over the past year. Closing costs are now an average of $2,539 on a $200,000 loan. The majority of the increase comes from origination fees (they increased by 9%). Third-party fees rose by 1%.

The highest closing costs belong to the Lone Star State, at $3,046. Nevada won the prize for lowest closing costs, coming in at $2,265.

Take a look at this infographic by Bankrate.com for more.

Closing costs

2014
rank
State Lender’s
origination fees
Third-party
fees
Origination plus
third-party fees
1 Texas $2,280 $766 $3,046
2 Alaska $2,195 $703 $2,897
3 New York $2,109 $783 $2,892
4 Hawaii $2,009 $799 $2,808
5 Wisconsin $2,035 $671 $2,706
6 Nebraska $1,975 $679 $2,654
7 Vermont $1,979 $670 $2,649
8 Florida $1,982 $666 $2,648
9 New Hampshire $1,975 $666 $2,641
10 New Jersey $1,891 $733 $2,625
11 Alabama $1,967 $646 $2,613
12 North Carolina $1,887 $714 $2,602
13 North Dakota $1,936 $663 $2,599
14 Kansas $1,956 $625 $2,582
15 Louisiana $1,928 $652 $2,580
16 Rhode Island $1,931 $645 $2,576
17 Massachusetts $1,871 $693 $2,564
18 South Dakota $1,940 $623 $2,563
19 Mississippi $1,931 $629 $2,560
20 Oregon $1,896 $663 $2,559
21 Connecticut $1,885 $670 $2,555
22 California $1,881 $661 $2,542
23 Utah $1,889 $648 $2,537
24 Wyoming $1,890 $628 $2,518
25* West Virginia $1,805 $711 $2,516
25* Delaware $1,771 $745 $2,516
25* New Mexico $1,761 $755 $2,516
28 Pennsylvania $1,907 $603 $2,511
29 Oklahoma $1,908 $591 $2,498
30 Maine $1,854 $643 $2,497
31 South Carolina $1,786 $708 $2,494
32 Montana $1,796 $695 $2,491
33 Illinois $1,841 $640 $2,481
34 Virginia $1,840 $639 $2,479
35 Iowa $1,773 $675 $2,448
36* Idaho $1,800 $641 $2,440
36* Indiana $1,796 $644 $2,440
38 Minnesota $1,836 $619 $2,436
39 Colorado $1,817 $619 $2,436
40* Washington $1,830 $605 $2,435
40* Michigan $1,835 $600 $2,435
42 Georgia $1,766 $667 $2,433
43 Kentucky $1,790 $640 $2,430
44 Arizona $1,810 $615 $2,425
45 Arkansas $1,815 $605 $2,420
46 Maryland $1,836 $568 $2,404
47 District of Columbia $1,791 $612 $2,402
48 Ohio $1,707 $685 $2,392
49 Missouri $1,749 $638 $2,387
50 Tennessee $1,746 $620 $2,366
51 Nevada $1,570 $695 $2,265
Average $1,877 $662 $2,539

*Denotes a tie

Bankrate.com surveyed up to 10 lenders in each state in July 2014 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment in the state’s largest city. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and credit reports. The survey excludes title insurance, title search, taxes, property insurance, association fees, interest and other prepaid items.

 

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