What States Have the Lowest Mortgage Closing Costs?
Some states are giving borrowers a great bargain when it comes to closing costs on their mortgage. While a recent report shows the average mortgage closing cost is at $4,876, some states coming in at costs much lower than the average.
"Borrowers pay much less for expenses like title, appraisal, recording fees, inspection services, land surveys, and, in some cases, transfer taxes, in certain states," according to National Mortgage News.
"These states tend to have lower average home purchase prices. But in some cases, a state with a higher average purchase price than another can have lower median closing costs. The same holds true at the local level."
So what are some of the states with the lowest closing costs? The list featured on the NMN article features, West Virginia, Mississippi, Ohio, Nebraska, Kentucky, North Carolina, Iowa, South Dakota, Indiana and Missouri.
All of the aforementioned have costs that are much lower than the national average. To learn more about the current state of mortgage closing costs and how these states are achieving such low costs, click on the image above.