News Column

Home Loan Costs Go Up

August 7, 2013
housing
U.S. mortgage originator fees are averaging 8 percent more this year than in 2012.

A new report on closing costs indicates that U.S. mortgage originator fees are averaging 8 percent more this year than in 2012.

Closing costs on new U.S. home loans average $2,402. The total includes $1,730 in lender origination fees and $672 in third-party fees.

Closing costs were based on a $200,000 loan to borrowers with excellent credit and downpayments of at least 20 percent.

Up to 10 lenders were analyzed for each state by Bankrate.com, which conducted the study.

Closing costs on loans to finance the purchase of properties in the states' largest cities were analyzed for the report.

Average origination fees increased from $1,595 in 2012.

While third-party costs were down from $2,159 in third-party fees last year -- the 2013 report excluded title insurance, while the previous included such fees.

Hawaii had the highest overall fees at $2,919. Last year, Hawaii was the second-worst state.

Alaska's followed with $2,675 in total costs. Alaska was No. 4 in the 2012 report.

After that was $2,658 in South Carolina, $2,639 in California and $2,566 in New Mexico.

At the bottom of the list was Wisconsin, where average total closing costs were $2,119.

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(c)2013 Mortgage Daily

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Distributed by MCT Information Services





Source: Copyright 1MG 2013


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