The Banker & Tradesman reported yesterday that Massachusetts is ranked 11th in the country for home closing costs. Excerpts from B&T:
The costs associated with buying a home in Massachusetts are on the rise, according to a new study.
According to Bankrate’s 2010 Closing Costs Survey, the average origination and title fees on a $200,000 mortgage this year totaled $3,741, up from $2,732 in 2009.
In the Bay State, the average fee to close on a house is $4,025, with $1,548 in origination fees and $2,477 in titles and closing costs. The state is ranked 11th in the nation, up from 18th last year.
New York leads the nation at an average fee of $5,623, with Texas, Utah, San Francisco, and Los Angeles rounding out the top five. Arkansas is the least expensive area with an average fee of $3,007, replacing Nevada, now number 34, at the bottom of the list.