Friday, July 22, 2011

New York has the highest closing costs

July 22, 2011 

  I am sure you will all be thrilled to know that according to Bankrate Inc., NY leads the US as the most expensive state for mortgage closing costs.  According to their reserach, origination and title costs on a $200,000 mortgage in NY average $6,183.  Nationwide, on the same loan average, the cost was $4,070.

  Although, I cannot confirm these figures, it does not shock me.  The biggest culprits that I can see are the title fees, appraisal fees and mortgage tax. 

  In many cases, its impossible to pinpoint your exact closing costs, especially when their are escrows involved but its critical to get a real good handle on what they will be whether it's a purchase or refinance.  ask your mortgage professional and your attorney for guidance.

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