Vermont Business Magazine Vermont has the 18th-highest closing costs in the country, according to a new Bankrate.com report. In Vermont, closing costs average $2,178 on a $200,000 loan ($1,075 origination + $1,103 third-party). That’s slightly above the national average of $2,128. Hawaii has the highest mortgage closing costs in the country and Pennsylvania has the lowest, according to the Bankrate.com (NYSE: RATE) report. Based on a $200,000 loan, Hawaii’s closing costs averaged out to $2,655 while Pennsylvania’s closing costs were $1,837. The national average is $2,128.
“Thanks to the new and improved mortgage disclosures that the CFPB introduced last October, closing cost estimates have become more accurate because they mandate that lenders include all costs ahead of time,” said Holden Lewis, Bankrate.com’s senior mortgage analyst. “This is great for consumers who can now comparison shop with more confidence.”
New York has the second-highest closing costs ($2,560), followed by North Carolina ($2,409), Delaware ($2,358), South Carolina ($2,322), and Connecticut ($2,313).
Aside from Pennsylvania, Wisconsin also has low closing costs ($1,863), as well as Kentucky ($1,874), South Dakota ($1,904), Oklahoma ($1,911), and Missouri ($1,926).
The table below lists states alphabetically with their average closing costs. Check your state for a detailed summary of average fees. Your final charges probably will be higher than shown here because the most highly variable costs are not included: title insurance, title search, taxes, other government fees, escrow fees and discount points.
Bankrate requested good faith estimates for a $200,000 mortgage loan from up to 10 lenders in a large city in each state, plus Washington, D.C. The hypothetical loan was for a purchase of a single-family house, using a 20% down payment, with excellent credit.
Vermont closing costs
| Origination fees charged by lenders | $1,075 |
|---|---|
| 3rd-party fees | $1,103 |
| Total | $2,178 |
| City | Burlington |
| Loan amount | $200,000 |
| Itemized origination fees charged by the lender | |
| Origination points | $384 |
| Commitment fee | $370 |
| Document preparation | $58 |
| Broker, originator or lender | $1,003 |
| Processing | $970 |
| Tax service | $79 |
| Underwriting | $300 |
| Itemized 3rd-party fees | |
| Appraisal | $507 |
| Attorney, closing or settlement | $522 |
| Credit report | $21 |
| Flood certification | $10 |
| Postage/courier | $55 |
| Survey | $150 |
Bankrate.com surveyed up to 10 lenders in each state in June 2016 and obtained online Loan Estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment in a large city. Costs include fees charged by lenders, as well as 3rd-party fees for services such as appraisals and credit reports. The survey excludes title insurance, title search, taxes, property insurance, association fees, interest and other prepaid items. The itemized average fees do not total to the average fees because the lenders' charges vary. For example, not all lenders charge a document preparation fee.
| State | Origination fees | 3rd-party fees | Total |
|---|---|---|---|
| Average | $1,058 | $1,070 | $2,128 |
| Alabama | $1,062 | $1,127 | $2,189 |
| Alaska | $1,048 | $1,209 | $2,257 |
| Arizona | $1,063 | $1,009 | $2,071 |
| Arkansas | $1,005 | $958 | $1,963 |
| California | $1,144 | $1,113 | $2,257 |
| Colorado | $1,057 | $933 | $1,990 |
| Connecticut | $1,066 | $1,248 | $2,313 |
| Delaware | $1,047 | $1,311 | $2,358 |
| District of Columbia | $1,183 | $1,030 | $2,213 |
| Florida | $1,123 | $1,057 | $2,180 |
| Georgia | $1,155 | $1,148 | $2,303 |
| Hawaii | $1,207 | $1,448 | $2,655 |
| Idaho | $1,053 | $1,055 | $2,108 |
| Illinois | $1,080 | $1,000 | $2,079 |
| Indiana | $1,065 | $992 | $2,057 |
| Iowa | $1,013 | $1,094 | $2,107 |
| Kansas | $1,002 | $970 | $1,972 |
| Kentucky | $932 | $942 | $1,874 |
| Louisiana | $1,034 | $1,130 | $2,164 |
| Maine | $1,064 | $1,121 | $2,185 |
| Maryland | $1,180 | $1,049 | $2,229 |
| Massachusetts | $1,056 | $1,216 | $2,273 |
| Michigan | $1,049 | $989 | $2,038 |
| Minnesota | $1,033 | $997 | $2,030 |
| Mississippi | $1,132 | $1,043 | $2,175 |
| Missouri | $1,000 | $926 | $1,926 |
| Montana | $1,016 | $1,026 | $2,042 |
| Nebraska | $1,009 | $960 | $1,969 |
| Nevada | $943 | $1,051 | $1,994 |
| New Hampshire | $1,046 | $1,013 | $2,059 |
| New Jersey | $937 | $1,231 | $2,168 |
| New Mexico | $1,078 | $1,153 | $2,231 |
| New York | $1,103 | $1,458 | $2,560 |
| North Carolina | $1,142 | $1,267 | $2,409 |
| North Dakota | $994 | $1,114 | $2,108 |
| Ohio | $1,045 | $994 | $2,039 |
| Oklahoma | $985 | $926 | $1,911 |
| Oregon | $1,091 | $1,065 | $2,156 |
| Pennsylvania | $1,057 | $780 | $1,837 |
| Rhode Island | $1,069 | $1,007 | $2,076 |
| South Carolina | $1,134 | $1,187 | $2,322 |
| South Dakota | $1,019 | $886 | $1,904 |
| Tennessee | $1,108 | $959 | $2,068 |
| Texas | $1,032 | $1,143 | $2,175 |
| Utah | $1,082 | $885 | $1,967 |
| Vermont | $1,075 | $1,103 | $2,178 |
| Virginia | $1,069 | $1,067 | $2,136 |
| Washington | $1,059 | $1,175 | $2,234 |
| West Virginia | $1,017 | $1,153 | $2,171 |
| Wisconsin | $1,010 | $853 | $1,863 |
| Wyoming | $982 | $1,007 | $1,989 |
Bankrate.com surveyed up to 10 lenders in each state in June 2016 and obtained online Loan Estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment in a prominent city. Costs include fees charged by lenders, as well as 3rd-party fees for services such as appraisals and credit reports. The survey excludes title insurance, title search, taxes, property insurance, association fees, interest and other prepaid items.
Bankrate surveyed up to 10 lenders in all 50 states and Washington, D.C. in June 2016. Researchers obtained online loan estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals. The survey excludes discount points, taxes, title fees, property insurance, association fees, interest and other prepaid items.
Bankrate.com
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states.
NEW YORK – August 9, 2016 – Bankrate.com