Florida closing costs third highest in nation

WEST PALM BEACH, Fla. – July 23, 2007 – Only two other U.S. states’ closings costs are higher than those in Florida, according to Bankrate.com’s annual survey. And it’s getting more expensive. Last year, Florida was No. 5, rising two points in the ranking this year.

New York State is the most expensive location in the country with an average closing cost of $3,830, compared to Indiana (least expensive state) at $2,339. The survey compared the lender fees, title fees and settlement fees in 51 geographic locations. Included in the study is a detailed listing of average closing fees by state, and a printable worksheet for consumers to compare average costs to their lenders’ fees. To view the survey, go to www.bankrate.com/closingcosts.

“Consumers armed with information can make better deals,” says Holden Lewis, senior reporter at Bankrate.com. “Many fees are fixed costs, but others are negotiable. Doing homework can save consumers money in the end.”

Bankrate’s Closing Cost Survey was conducted in June of 2007 by obtaining four to nine good faith estimates from the Web sites of online lenders. 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 downpayment 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.

To see the rankings and costs by state, go to: http://www.bankrate.com/brm/news/mortgages/2007/closing_costs_ranking.asp?caret=3.

© 2007 FLORIDA ASSOCIATION OF REALTORS®