Florida Ranked Third Highest State for Loan Closing Costs

According to Bankrate.com's annual survey on loan closing costs, Florida ranked number three behind only Texas and New York. The new ranking was a move up for Florida from being ranked number 5 last year.

This year's top five states included:

• New York - $3,830
• Texas - $3,413
• Florida - $3,175
• Pennsylvania - $3,169
• Ohio - $3,047

The bottom five states included:

• North Carolina -$2,487
• Nevada - $2,467
• Illinois - $2,401
• Wyoming - $2,390
• Indiana - $2,339

The median cost for all states was $2,692. The study was based on a $200,000 loan with 20% down and excluded taxes, other governmental fees and escrow fees.

The survey results reinforce why borrowers need to shop for their mortgage loan and compare more than just the interest rates. Not all lenders charge the same fees, so it's important to know what is available.

For more information on Florida loan costs, please visit our Loan Closing Cost Guide or contact us at Metro Mortgage Company. We'll be glad to go over "all" the costs involved in getting a Florida home loan.

• BankRate.com Survey Results

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