Industry News

New York has highest average real estate closing fees

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A national real estate closing cost survey released last week shows that the biggest differences in closing costs among states occurred in varying costs for title insurance, settlement services fees and title searches. The survey, conducted by Bankrate, compares average closing costs in all 50 states and the District of Columbia and presents averages for 21 fees typically charged at closing: appraisal fees, document preparation fees, and title insurance fees, among others. While the biggest differences among states were in title and settlement services, origination costs did not vary much from state to state, according to the survey. However, origination costs did differ from lender to lender. The survey data enables consumers to compare their lender's offer to the state and national averages. Bankrate surveyed nine to 15 lenders in each state, who offer detailed rate information online, and asked them to estimate the closing costs on a $180,000 loan to a buyer with excellent c...