Missouri has almost the lowest closing costs in the nation!

lowest closing costs

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:

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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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