Texas has second-highest mortgage closing costs

Texas has the second-greatest mortgage closing costs.According to a recent report from Bankrate, Texas has the second-highest average for closing costs associated with mortgages.While the state ranks high on the list, it is a distant second to New York state, where average costs were more than $1,200 higher. In addition, New York's costs were 52 percent greater than the national average.Overall, the country's average for closing costs was $4,070, which is up 8.8 percent from last year.Despite the gaps New York has created between itself and the rest of the country, some economists are not surprised by the development.”I don't know that that's anything new,” said Greg McBride, vice president and senior financial analyst at Florida-based Bankrate. “We've seen New York at or near the top for a number of years.”The rise in fees this year are related to the greater costs lenders charge for underwriting and processing loans. During 2011, these fees total $1,614 on average, which is up 10.3 percent from 2010.Houston was recently found to be the fastest-growing metro region in the country during the previous decade by a Rice University study. With more citizens moving to the region, the Houston real estate market has improved, and thus, mortgage costs have risen.Courtesy of 2M Realty News

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