Texas Overtakes New York City With Most Expensive Closing Costs in the US

New Bankrate.com study shows that nationwide costs for buying a home drop back down to 2007 levels


NEW YORK, Sept. 2  /PRNewswire-FirstCall/ -- A new study released by Bankrate, Inc. (NASDAQ:RATE) shows that the cost of getting a mortgage has fallen nationwide, a reflection of the price shift in the housing market.  Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $2,732, down from $3,118 in 2008.  In the study's geographical breakdown, Texas leads the nation at an average fee of $3,855, with New York City, Florida, San Francisco and Oregon rounding out the top five.  Nevada is the least expensive area with an average fee of $2,276, replacing North Carolina at the bottom of the list.  To view the complete study and analysis of the data, as well as tips on what to look for in closing costs when getting a mortgage, go to http://www.bankrate.com/finance/mortgages/state-by-state-closing-costs8-131404 .aspx.

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"Consumers need to keep a look out for the standard fees when figuring out the true cost of their new home," said Holden Lewis, senior reporter with Bankrate.com.  "Even as the average closing costs go down across the nation, some of these surprise costs can make your new home deal more expensive than you initially thought."

For this study, Bankrate surveyed one area in 49 states, two areas in California (Los Angeles and San Francisco) and the District of Columbia.  Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan.  They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house.  Bankrate's survey includes lenders' origination fees and title and settlement fees, and not taxes or prepaid items.

                                              Title
                                               and
  2009  2008  State or city     Origination  closing  Total
  ----  ----  -------------     -----------  -------  -----
     1     2  Texas             $1,566       $2,290   $3,855
     2     1  New York - NYC    $1,038       $2,370   $3,408
     3     4  Florida           $1,369       $1,999   $3,368
     4    11  California
               - San Fran       $1,264       $1,853   $3,117
     5    19  Oregon            $1,310       $1,750   $3,059
     6     9  Alaska            $1,183       $1,829   $3,012
     7     8  Pennsylvania      $1,137       $1,872   $3,009
     8     5  Oklahoma          $1,238       $1,748   $2,986
     9    12  Ohio              $1,222       $1,760   $2,982
    10    34  Washington        $1,329       $1,578   $2,906
    11   41*  North Dakota      $1,349       $1,555   $2,904
    12    24  Tennessee         $1,285       $1,616   $2,901
    13     6  New Mexico        $1,143       $1,739   $2,882
    14    13  California
               - Los Angeles    $1,264       $1,597   $2,861
    15    35  Virginia          $1,312       $1,546   $2,858
    16    45  Utah              $1,238       $1,614   $2,852
    17    31  Arkansas          $1,232       $1,620   $2,852
    18   21*  Massachusetts     $1,132       $1,689   $2,822
    19    17  Michigan          $1,398       $1,404   $2,802
    20    15  West Virginia     $1,106       $1,640   $2,746
    21    20  Hawaii            $1,224       $1,515   $2,739
    22    38  Wisconsin         $1,430       $1,304   $2,734
    23    32  Louisiana         $1,082       $1,637   $2,720
    24    16  Connecticut       $1,188       $1,512   $2,700
    25    30  Mississippi       $1,229       $1,459   $2,689
    26    25  South Carolina    $1,159       $1,528   $2,687
    27    29  Idaho             $1,214       $1,446   $2,660
    28     7  New Jersey          $931       $1,725   $2,656
    29    10  Colorado          $1,161       $1,494   $2,655
    30   21*  Alabama           $1,276       $1,369   $2,645
    31    43  Georgia           $1,151       $1,487   $2,638
    32    52  South Dakota      $1,369       $1,256   $2,625
    33    36  Montana           $1,287       $1,324   $2,611
    34   49*  Wyoming           $1,346       $1,256   $2,602
    35    26  Delaware          $1,135       $1,443   $2,579
    36   41*  New Hampshire     $1,147       $1,428   $2,575
    37   49*  Iowa              $1,027       $1,546   $2,574
    38    40  Minnesota         $1,143       $1,418   $2,561
    39    27  Arizona           $1,088       $1,453   $2,541
    40    23  Maryland          $1,095       $1,418   $2,513
    41    28  District of
               Columbia         $1,117       $1,384   $2,502
    42    39  Rhode Island        $954       $1,542   $2,495
    43    48  Illinois          $1,279       $1,207   $2,486
    44    14  Kentucky          $1,071       $1,401   $2,472
    45    44  Nebraska          $1,167       $1,286   $2,453
    46    56  North Carolina    $1,155       $1,276   $2,431
    47    54  Missouri          $1,186       $1,243   $2,429
    48    47  Vermont           $1,040       $1,386   $2,426
    49    53  Maine             $1,097       $1,322   $2,419
    50    46  Indiana           $1,145       $1,272   $2,417
    51    55  Kansas            $1,019       $1,341   $2,361
    52    33  Nevada              $946       $1,331   $2,276

  *tied

  About Bankrate, Inc.


The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO), America Online (NYSE: TWX), The Wall Street Journal and The New York Times (NYSE:NYT). Bankrate.com's information is also distributed through more than 500 newspapers.

  For more information contact:
  Chris Spagnuolo
  Public Relations Manager
  
  [phone]

  http://www.bankrate.com/

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DATASOURCE: Bankrate, Inc.



CONTACT:  Chris Spagnuolo, Public Relations Manager of Bankrate, Inc.,

[phone], 



Web Site:  http://www.bankrate.com/ 

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