Closing Costs – How Expensive are They?

Closing Costs - How Expensive are They?

It depends upon where you live, of course.

Bankrate did a survey in 2009 and 2010 of 49 states, 2 areas in California and the District of Columbia.

The 5 most expensive states for closing costs are:

  1. New York – origination fees, title and closing costs = $5623
  2. Texas – origination fees, title and closing costs = $4708
  3. Utah – origination fees, title and closing costs = $4605
  4. California – origination fees, title and closing costs = $4566
  5. Alaska – origination fees, title and closing costs = $4327

North Carolina ranked 51 out of the 52 areas surveyed with total closing costs averaging $3255.  Hooray North Carolina!  Everyone should live here!

Arkansas was the least expensive coming in number 53 with costs averaging only $3007.

These numbers were based on a $200,000 purchase with 20% down.

For a breakdown of costs in your state, check out Bankrate.com.

Why is it important that you understand your closing costs?

This post has 2 Comments | Would you like to leave a comment?

2 Comments

  1. Rich, were you the buyer or the seller?

    That was a hefty amount to pay in closing! Were you prepared ahead of time?

    Thanks for your comment!

  2. Our 291k home in Maryland…we had to pay both sides of the transfer taxes, so our total closing costs was 13k.

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