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Florida Moves Up in Home Loan Closing Cost Survey

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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.

State-By-State Closing Costs Study

About the Author

Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional real estate services by concentrating on information, education and the use of leading edge technologies. He also is a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955

SouthwestFloridaRealEstateBlog.com

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