New Bankrate.com study shows that nationwide costs for buying a
home drop back down to 2007 levels NEW YORK, Sept. 2
/PRNewswire-FirstCall/ -- A new study released by Bankrate, Inc.
(NASDAQ:RATE) shows that the cost of getting a mortgage has fallen
nationwide, a reflection of the price shift in the housing market.
Nationwide, the average origination and title fees on a $200,000
mortgage this year totaled $2,732, down from $3,118 in 2008. In the
study's geographical breakdown, Texas leads the nation at an
average fee of $3,855, with New York City, Florida, San Francisco
and Oregon rounding out the top five. Nevada is the least expensive
area with an average fee of $2,276, replacing North Carolina at the
bottom of the list. To view the complete study and analysis of the
data, as well as tips on what to look for in closing costs when
getting a mortgage, go to
http://www.bankrate.com/finance/mortgages/state-by-state-closing-costs8-131404
.aspx. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
) "Consumers need to keep a look out for the standard fees when
figuring out the true cost of their new home," said Holden Lewis,
senior reporter with Bankrate.com. "Even as the average closing
costs go down across the nation, some of these surprise costs can
make your new home deal more expensive than you initially thought."
For this study, Bankrate surveyed one area in 49 states, two areas
in California (Los Angeles and San Francisco) and the District of
Columbia. Researchers picked a ZIP code in some of the largest
cities in each state and requested information on the closing costs
for at $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 house. Bankrate's survey includes
lenders' origination fees and title and settlement fees, and not
taxes or prepaid items. Title and 2009 2008 State or city
Origination closing Total ---- ---- ------------- -----------
------- ----- 1 2 Texas $1,566 $2,290 $3,855 2 1 New York - NYC
$1,038 $2,370 $3,408 3 4 Florida $1,369 $1,999 $3,368 4 11
California - San Fran $1,264 $1,853 $3,117 5 19 Oregon $1,310
$1,750 $3,059 6 9 Alaska $1,183 $1,829 $3,012 7 8 Pennsylvania
$1,137 $1,872 $3,009 8 5 Oklahoma $1,238 $1,748 $2,986 9 12 Ohio
$1,222 $1,760 $2,982 10 34 Washington $1,329 $1,578 $2,906 11 41*
North Dakota $1,349 $1,555 $2,904 12 24 Tennessee $1,285 $1,616
$2,901 13 6 New Mexico $1,143 $1,739 $2,882 14 13 California - Los
Angeles $1,264 $1,597 $2,861 15 35 Virginia $1,312 $1,546 $2,858 16
45 Utah $1,238 $1,614 $2,852 17 31 Arkansas $1,232 $1,620 $2,852 18
21* Massachusetts $1,132 $1,689 $2,822 19 17 Michigan $1,398 $1,404
$2,802 20 15 West Virginia $1,106 $1,640 $2,746 21 20 Hawaii $1,224
$1,515 $2,739 22 38 Wisconsin $1,430 $1,304 $2,734 23 32 Louisiana
$1,082 $1,637 $2,720 24 16 Connecticut $1,188 $1,512 $2,700 25 30
Mississippi $1,229 $1,459 $2,689 26 25 South Carolina $1,159 $1,528
$2,687 27 29 Idaho $1,214 $1,446 $2,660 28 7 New Jersey $931 $1,725
$2,656 29 10 Colorado $1,161 $1,494 $2,655 30 21* Alabama $1,276
$1,369 $2,645 31 43 Georgia $1,151 $1,487 $2,638 32 52 South Dakota
$1,369 $1,256 $2,625 33 36 Montana $1,287 $1,324 $2,611 34 49*
Wyoming $1,346 $1,256 $2,602 35 26 Delaware $1,135 $1,443 $2,579 36
41* New Hampshire $1,147 $1,428 $2,575 37 49* Iowa $1,027 $1,546
$2,574 38 40 Minnesota $1,143 $1,418 $2,561 39 27 Arizona $1,088
$1,453 $2,541 40 23 Maryland $1,095 $1,418 $2,513 41 28 District of
Columbia $1,117 $1,384 $2,502 42 39 Rhode Island $954 $1,542 $2,495
43 48 Illinois $1,279 $1,207 $2,486 44 14 Kentucky $1,071 $1,401
$2,472 45 44 Nebraska $1,167 $1,286 $2,453 46 56 North Carolina
$1,155 $1,276 $2,431 47 54 Missouri $1,186 $1,243 $2,429 48 47
Vermont $1,040 $1,386 $2,426 49 53 Maine $1,097 $1,322 $2,419 50 46
Indiana $1,145 $1,272 $2,417 51 55 Kansas $1,019 $1,341 $2,361 52
33 Nevada $946 $1,331 $2,276 *tied About Bankrate, Inc. The
Bankrate network of companies includes Bankrate.com, Interest.com,
Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com,
Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each
of these businesses helps consumers to make informed decisions
about their personal finance matters. The company's flagship brand,
Bankrate.com is a destination site of personal finance channels,
including banking, investing, taxes, debt management and college
finance. Bankrate.com is the leading aggregator of rates and other
information on more than 300 financial products, including
mortgages, credit cards, new and used auto loans, money market
accounts and CDs, checking and ATM fees, home equity loans and
online banking fees. Bankrate.com reviews more than 4,800 financial
institutions in 575 markets in 50 states. In 2008, Bankrate.com had
nearly 72 million unique visitors. Bankrate.com provides financial
applications and information to a network of more than 75 partners,
including Yahoo! (NASDAQ:YHOO), America Online (NYSE: TWX), The
Wall Street Journal and The New York Times (NYSE:NYT).
Bankrate.com's information is also distributed through more than
500 newspapers. For more information contact: Chris Spagnuolo
Public Relations Manager (917) 368-8671 http://www.bankrate.com/
http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
http://photoarchive.ap.org/ DATASOURCE: Bankrate, Inc. CONTACT:
Chris Spagnuolo, Public Relations Manager of Bankrate, Inc.,
+1-917-368-8671, Web Site: http://www.bankrate.com/
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