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Florida Home Loan Closing Costs - 2008 Annual Survey Results

Posted by Benjamin Dona on Monday, August 25th, 2008 at 1:01pm.

According to their annual loan closing costs survey, Bankrate.com had Florida ranked number three behind only New York and Texas for being a high loan closing cost state. The new ranking was the second year in a row Florida held the number three postion and is up from being ranked number 5 in 2006.

This year's top ten states included:

  • New York - $4,016.00
  • Texas - $3,975.00
  • Florida - $3,683.00
  • Oklahoma - $3,558.00
  • New Mexico - $3,047.00
  • New Jersey: $3,432.00
  • Pennsylvania: $3,411.00
  • Alaska: $3,409.00
  • Colorado: $3,358.00
  • California: $3,321.00

The bottom five states included:

  • North Carolina -$2,650.00
  • Kansas - $2,669.00
  • Missouri - $2,758.00
  • Maine - $2,793.00
  • South Dakota - $2,797.00

The average origination and title fees on a $200,000 mortgage this year totaled $3,118 and was up 14% from $2,736 in 2007. In addition, the study authors also noted that the slowing housing market has had little to no effect whatsoever on loan closing costs.

The survey results reinforce why borrowers need to shop for their mortgage loan and compare more than just the interest rates. Not all lenders charge the same fees, so it's important to know what is available.

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2 Responses to "Florida Home Loan Closing Costs - 2008 Annual Survey Results"

Tammy wrote:
I hope the market is picking up down there. We've been hurting here in Myrtle Beach, with a lot of short sales and foreclosures. Things feel like there picking up as prices come down.

Posted on Tuesday, August 26th, 2008 at 5:46pm.

M. Boyd wrote:
This is great information. A loan is still a loan, so I wouldn't have imagined that the housing downturn would have had any effect, but still quality info. Didn't realize Pennsylvania had such high loan closing costs. Thanks.

Posted on Wednesday, August 27th, 2008 at 1:35pm.

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