Maine's mortgage closing costs rank 30th in U.S.
Maine has the 30th-highest average mortgage closing costs in the nation, $2,497, according to a national report published today by Bankrate.com.
Mortgage closing costs rose 6% over the past year and now average $2,539 on a $200,000 loan, according to Bankrate.com (NYSE: RATE). Origination fees increased 9% to $1,877 and third-party fees rose 1% to $662.
Texas’ average closing costs of $3,046 are the highest in the nation, followed by Alaska ($2,897), New York ($2,892), Hawaii ($2,808) and Wisconsin ($2,706).
The cheapest closing costs are in Nevada (an average of $2,265), followed by Tennessee ($2,366), Missouri ($2,387), Ohio ($2,392) and Washington, D.C. ($2,402).
“New mortgage regulations are the biggest reasons why closing costs went up over the past year,” Holden Lewis, a senior mortgage analyst with Bankrate.com, said in a press release accompanying the report. “The good news is that some lenders have not increased fees. To get the best deal, consumers should compare good faith estimates from at least three different lenders.”
Bankrate Inc. surveyed up to 10 lenders in all 50 states and Washington, D.C., in June 2014. Researchers obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals. The survey excludes taxes, title fees, property insurance, association fees, interest and other prepaid items.
On its website, the company describes itself as a leading aggregator of financial rate information, based on its surveys of approximately 4,800 financial institutions in all 50 states.
Bankrate continually surveys approximately 4,800 financial institutions in all 50 states to obtain rate information on more than 300 financial products, including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees.
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