Florida Moves Up in Home Loan Closing Cost Survey

According to their annual loan closing costs survey, Bankrate.com had Florida ranked number two (tied with New York City) behind only Texas for being a high loan closing cost state. The new ranking was a step up for Florida after two years of being ranked in the number three position. So, while prices may be falling in Florida, home buyers will have to spend more to close on their new home purchases.

The study compared charges for loan origination fees, title and closing costs on a single family home purchase with a 20% down payment and a 30 year fixed rate mortgage of $200,000. It excluded taxes, other governmental fees and escrow fees. Nationwide, the average loan closing costs this year totaled $2,732, down from $3,118 in 2008.

This year's top ten states/cities included:

• Texas - $3,655
• Florida - $3,368
• New York City - $3,368
• San Francisco - $3,117
• Oregon - $3.059
• Alaska - $3,012
• Pennsylvania: $3,009
• Oklahoma - $2,986
• Ohio - $2,982
• Washington - $2,906

The bottom five included:

• Vermont - $2,426
• Maine - $2,419
• Indiana - $2,417
• Kansas - $2,361
• Nevada - $2,276

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 in order to make an informed loan decision.

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