In June 2015, Bankrate surveyed up to 10 lenders in each state to determine average closing costs. Requesting Good Faith Estimates for a $200,000 mortgage from each lender, Bankrate used a hypothetical scenario of a single-family home purchase with a 20% down payment and excellent credit. They then determined each state’s average origination fees and third-party fees such as appraisals, inspections and credit reports. Highly variable costs, such as escrow fees, title insurance and taxes, were excluded from the survey.
The states with the second and third lowest closing costs in the country were Idaho and Wyoming, respectively. Idaho’s average origination fees plus third-party fees came to $1,682 while Wyoming’s were $1,689. Conversely, closing costs in Washington and Montana were higher than the national average of $1,849. Washington’s average origination fees plus third-party fees were $1,901 and Montana’s were $1,917.
To see the results in each state, visit http://bit.ly/1Hoh3xB.