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
• Texas - $3,975
• Florida - $3,683
• Oklahoma - $3,558
• New Mexico - $3,047
• New Jersey: $3,432
• Pennsylvania: $3,411
• Alaska: $3,409
• Colorado: $3,358
• California: $3,321

The bottom five states included:

• North Carolina -$2,650
• Kansas - $2,669
• Missouri - $2,758
• Maine - $2,793
• South Dakota - $2,797

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.

For more information on Florida loan costs, please visit our Loan Closing Cost Guide or contact us at Metro Mortgage Company at 888-617-3674. We’ll be glad to go over “all” the costs involved in getting a Florida home loan.

BankRate.com Ranking Results

Tags: Florida, loan closing costs, mortgages