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2009-12-08 22:17:55
State-by-State Closing Costs-Where does Utah Rank?

New York holds on to its No. 1 ranking as the leader in mortgage fees. Where does Utah rank?

home on top of fifty dollar bills
© Creatas/age fotostock

See where Utah ranks

2008 rank 2007 rank State 2008 closing costs
1 1 New York - NYC $4,015
2 2 Texas $3,975
3 N/A New York - Buffalo $3,845
4 3 Florida $3,683
5 8 Oklahoma $3,558
6 9 New Mexico $3,466
7 7 New Jersey $3,432
8 4 Pennsylvania $3,411
9 16 Alaska $3,408
10 24 Colorado $3,358
11 N/A San Francisco $3,321
12 5 Ohio $3,317
13 17 California - LA $3,250
14 35 Kentucky $3,213
15 27 West Virginia $3,201
16 11 Connecticut $3,200
17 25 Michigan $3,191
18 N/A Sacramento, CA $3,179
19 41 Oregon $3,161
20 6 Hawaii $3,134
21* 39 Alabama $3,130
21* 12 Massachusetts $3,130
23 19 Maryland $3,117
24 15 Tennessee $3,116
25 37 South Carolina $3,103
26 10 Delaware $3,098
27 46 Arizona $3,096
28 22 District of Columbia $3,086
29 33 Idaho $3,064
30 14 Mississippi $3,059
31 28 Arkansas $3,049
32 13 Louisiana $3,042
33 48 Nevada $3,039
34 38 Washington $3,028
35 20 Virginia $3,007
36 34 Montana $2,970
37 36 Iowa $2,940
38 44 Wisconsin $2,940
39 18 Rhode Island $2,932
40 26 Minnesota $2,930
41* 21 New Hampshire $2,922
41* 23 North Dakota $2,922
43 31 Georgia $2,900
44 43 Nebraska $2,891
45 32 Utah $2,882
46 51 Indiana $2,878
47 30 Vermont $2,872
48 49 Illinois - Chicago $2,869
49 N/A Illinois - Springfield $2,826
50* 50 Wyoming $2,804
50* 36 Iowa $2,804
52 40 South Dakota $2,797
53 29 Maine $2,793
54 45 Missouri $2,758
55 42 Kansas $2,669
56 47 North Carolina $2,650

The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state's most populous city. Bankrate also surveyed Springfield, Ill.; Buffalo; San Francisco; and Sacramento, Calif., just in case Chicago, New York and Los Angeles were unrepresentative. It turns out that it didn't matter much. Cities in the same state weren't far apart in total closing costs.

Researchers gathered closing-cost information from at least four lenders in all 50 states and the District of Columbia. In California, Illinois and New York, researchers also collected data from multiple markets where there was a presumed disparity.

Researchers requested a good faith estimate (GFE) for a $200,000 loan, assuming a 20% down payment and good credit. The amounts in the chart above are the average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: Taxes, other governmental fees and escrow fees. They vary almost infinitely, by locale and by which day of the month the closing occurs.

Tips for saving on closing costs.

 
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