Hawaii Has the Highest Closing Costs, Pennsylvania Has the Lowest

NEW YORK, Aug. 9, 2016 /PRNewswire/ -- Hawaii has the highest mortgage closing costs in the country and Pennsylvania has the lowest, according to a new Bankrate.com RATE report.

Based on a $200,000 loan, Hawaii's closing costs averaged out to $2,655 while Pennsylvania's closing costs were $1,837. The national average is $2,128.

New York has the second-highest closing costs ($2,560), followed by North Carolina ($2,409), Delaware ($2,358), South Carolina ($2,322), and Connecticut ($2,313).

Aside from Pennsylvania, Wisconsin also has low closing costs ($1,863), as well as Kentucky ($1,874), South Dakota ($1,904), Oklahoma ($1,911), and Missouri ($1,926).

"Thanks to the new and improved mortgage disclosures that the CFPB introduced last October, closing cost estimates have become more accurate because they mandate that lenders include all costs ahead of time," said Holden Lewis, Bankrate.com's senior mortgage analyst. "This is great for consumers who can now comparison shop with more confidence."

Click here to view the average closing costs in all 50 states and Washington, D.C.:

http://www.bankrate.com/finance/mortgages/closing-costs/closing-costs-by-state.aspx

Bankrate surveyed up to 10 lenders in all 50 states and Washington, D.C. in June 2016. Researchers obtained online loan estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals. The survey excludes discount points, taxes, title fees, property insurance, association fees, interest and other prepaid items.

About Bankrate.com:

Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination.  The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg.  In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.

For more information:

Adriana Perisa
Publicist
adriana.perisa@bankrate.com
(917) 368-8637

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SOURCE Bankrate.com