New federal rules requiring mortgage lenders, as of Jan 1, to give borrowers more reliable estimates of closing costs appear to be working -- one reason being that, in many cases, they must now make up the difference between the estimate provided and the actual total. USAToday yesterday observed, however, that whether it was also costing borrowers more money was uncertain.
They referred to a recent survey by Bankrate.com that found, on average, "origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 — a 37% jump over last year's average of $2,739."
That survey said in four of the past five years, New York and Texas have occupied the top two spots as being the most expensive states for mortgage closing costs; Utah, California, and Alaska rounding out the top five. Last year, Ohio was 9th., according to Bankrate; it's now showing as being 13th.. Indiana was least expensive last year, but climbed up to the No. 35 slot this year, while Kentucky stayed consistent at 44-45.
Bankrate's 2009 survey
State Rankings
HUD Real Estate Settlement Procedures Act information
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