Average Cost of Closing a Mortgage Loan in Each State

Your home is probably the most expensive thing you’ll ever buy, but it’s the small expense that can catch you off guard. Closing costs can rise quickly. And like house prices, they vary depending on where you live.

These costs consist of costs such as inspection, certification, appraisal , etc. D. Bankrate analyzed what these costs are across the US and then compiled a table of total average costs. They found that, on average, homeowners in the States pay about $ 1,800.

Of course, expenses like title insurance and taxes vary quite a bit, which is why they weren’t counted on this list. They explain their methodology:

Your final costs are likely to be higher than shown here because the most variable costs are not included: title insurance, title search, taxes, other government fees, escrow fees, and discounts .

Bankrate has requested a fairness assessment for a $ 200,000 mortgage loan from up to 10 lenders in each state as well as Washington, DC. The hypothetical loan was for the purchase of a single family home with a 20 percent down payment and excellent credit history.

Again, your own numbers will vary, but the following table provides a general figure for what you can expect in each state. Follow the link below for more information.

What are the average cost of closing a mortgage in your state? | Bank rate

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