Friday, August 11, 2006

It's Official...New York has the highest closing costs

What we always knew to be true was just confirmed by Bank Rate. New York has the most expensive closing costs in the land. On the average, it costs $3887 to close a mortgage in our great state, while Missouri, the lowest the nation, costs an average of $2713. Texas and Hawaii are number 2 and 3.

Of course this numbers seems low to those of us in New York City, with it's 1.8% mortgage recording tax and high purchase prices, $3887 is a drop in the bucket. And of course, the state just increased (yep read it again...increased) the mortgage recording tax. The refi boom of the past couple of years only seems to have whetted the state's appetite for homeowner's money.

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