That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate.
See table below for survey results for all states:
Closing costs |
|||||
|---|---|---|---|---|---|
| 2013 rank |
2012 rank† | State | Lender’s origination fees |
Third-party fees |
Origination plus third-party fees |
| 1 | 2 | Hawaii | $1,970 | $949 | $2,919 |
| 2 | 4 | Alaska | $1,925 | $750 | $2,675 |
| 3 | 6 | South Carolina | $1,935 | $723 | $2,658 |
| 4 | 35 | California | $1,977 | $662 | $2,639 |
| 5 | 43 | New Mexico | $1,807 | $760 | $2,566 |
| 6 | 8 | North Carolina | $1,840 | $718 | $2,558 |
| 7 | 18 | New Jersey | $1,804 | $741 | $2,545 |
| 8 | 34 | Oklahoma | $1,919 | $600 | $2,519 |
| 9 | 20 | Florida | $1,798 | $719 | $2,517 |
| 10 | 7 | Delaware | $1,742 | $760 | $2,502 |
| 11 | 27 | Ohio | $1,803 | $693 | $2,496 |
| 12 | 11 | Georgia | $1,816 | $674 | $2,490 |
| 13 | 3 | Texas | $1,690 | $778 | $2,468 |
| 14* | 26 | Pennsylvania | $1,920 | $540 | $2,460 |
| 14* | 13 | North Dakota | $1,797 | $663 | $2,460 |
| 16 | 24 | District of Columbia | $1,826 | $623 | $2,449 |
| 17 | 22 | Montana | $1,767 | $680 | $2,446 |
| 18 | 19 | Louisiana | $1,782 | $662 | $2,443 |
| 19 | 33 | Maryland | $1,816 | $624 | $2,441 |
| 20 | 31 | Tennessee | $1,806 | $631 | $2,437 |
| 21 | 21 | Connecticut | $1,757 | $680 | $2,436 |
| 22 | 36 | Maine | $1,761 | $647 | $2,408 |
| 23 | 49 | Idaho | $1,767 | $641 | $2,407 |
| 24 | 38 | Iowa | $1,757 | $647 | $2,403 |
| 25 | 41 | Arkansas | $1,782 | $614 | $2,396 |
| 26 | 28 | Indiana | $1,732 | $656 | $2,387 |
| 27 | 48 | Colorado | $1,758 | $625 | $2,383 |
| 28 | 17 | Kentucky | $1,732 | $649 | $2,381 |
| 29 | 37 | Arizona | $1,752 | $621 | $2,372 |
| 30 | 46 | Oregon | $1,707 | $663 | $2,370 |
| 31 | 23 | Virginia | $1,718 | $650 | $2,369 |
| 32 | 44 | South Dakota | $1,732 | $617 | $2,349 |
| 33 | 39 | Alabama | $1,721 | $627 | $2,348 |
| 34 | 15 | Rhode Island | $1,686 | $660 | $2,347 |
| 35 | 51 | Nevada | $1,642 | $704 | $2,346 |
| 36 | 10 | Nebraska | $1,656 | $689 | $2,345 |
| 37 | 1 | New York | $1,504 | $827 | $2,331 |
| 38 | 40 | Mississippi | $1,682 | $639 | $2,320 |
| 39 | 45 | Utah | $1,663 | $653 | $2,316 |
| 40 | 50 | Wyoming | $1,678 | $623 | $2,301 |
| 41 | 14 | Massachusetts | $1,601 | $699 | $2,300 |
| 42 | 16 | West Virginia | $1,578 | $705 | $2,283 |
| 43 | 29 | Minnesota | $1,641 | $612 | $2,253 |
| 44 | 12 | New Hampshire | $1,576 | $676 | $2,252 |
| 45 | 42 | Vermont | $1,578 | $667 | $2,245 |
| 46 | 9 | Illinois | $1,591 | $647 | $2,238 |
| 47 | 47 | Washington | $1,603 | $605 | $2,208 |
| 48 | 32 | Michigan | $1,591 | $611 | $2,203 |
| 49 | 30 | Kansas | $1,558 | $635 | $2,193 |
| 50 | 25 | Missouri | $1,542 | $646 | $2,188 |
| 51 | 5 | Wisconsin | $1,438 | $682 | $2,119 |
| Average | $1,730 | $672 | $2,402 | ||
*Denotes a tie
†The original 2012 closing costs survey ranked the states differently, because the survey included title insurance. The 2013 survey does not include title insurance. To offer an apples-to-apples comparison, closing costs for 2012 were recalculated without title insurance, and states were re-ranked.
Bankrate.com surveyed up to 10 lenders in each state in June 2013 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment in the state’s largest city. Costs include fees charged by lenders, as well as third-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.
Source: Bankrate
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