From the August 2011 issue of American Agent & Broker •Subscribe!

IQ: New York Costliest State for Mortgage Closing Costs

For the second year in a row, New York is the most expensive state for mortgage closing costs, according to a survey from Bankrate.com.

Bankrate.com surveyed up to 10 lenders in each state in June 2011 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment and good credit. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and title insurance. The survey excludes taxes, property insurance, association fees, interest and other prepaid items.

Bankrate surveyed one city in 49 states, two cities in California—Los Angeles and San Francisco—and the District of Columbia.

Nationwide, closing costs on the same-sized loan average $4,070, up 8.8 percent from a year ago, Bankrate said.

The cheapest places for closing costs are Arkansas, North Carolina and Indiana, according to Bankrate. Arkansas fees total $3,378, with North Carolina at $3,410 and Indiana at $3,430.

Full survey results can be found at bankrate.com.

Comments

Resource Center

View All »

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Get $100 in leads with $0 down!

NetQuote's detailed, real-time leads have boosted sales for thousands of successful local agents across the...

The Growing Role of Excess & Surplus Lines in Today’s...

The excess and surplus market (E&S) provides coverage when standard insurance carriers cannot or will...

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

More Data, Earlier: The Value of Incorporating Data and Analytics...

Incorporating more data earlier in claims lifecycles can help you reduce severity payments by 25%*...

How Many Of Your Clients Are At Risk Of Flood?

Every home is vulnerable to flooding. Learn four compelling reasons why discussing flood insurance with...

Gauging your Business Intelligence Analytics Capabilities and the Impact of...

Big Data, Data Lakes and Data Swamps, How to gauge your company's Big Data readiness....

Extending Contact Center Capabilities Across the Insurance Enterprise

Today advancements in technology are making a big impact on business and society. To yield...

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Advertisement. Closing in 15 seconds.