Study: N.C. has lowest closing costs on mortgages
Charlotte Business Journal
North Carolina has the lowest mortgage closing costs in the country, according to a study by Bankrate Inc.
The average closing cost for a $200,000 mortgage in North Carolina is $2,650. The national average is $3,118.
Despite a weak housing market, the national average closing cost has increased 14 percent from $2,736 in 2007.
New York leads the nation with average closing fees of $4,016.
The higher fees can be attributed to lenders asking appraisers to do more time-consuming work, Bankrate says. During the housing boom, the company notes, many lenders preferred appraisers who did the job quickly and inexpensively.
Bankrate (NASDAQ:RATE) says it conducted the study in June and July by obtaining four to nine good-faith estimates from the Web sites of lenders. Researchers selected ZIP codes in some of the largest cities in each state and requested information on the closing costs from a $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 home.
The survey includes lenders’ origination fees, title and settlement fees but excluded taxes and prepaid items.
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