For the second year in a row, a national survey of mortgage closing costs has found Kansas to be the second least expensive market in the nation. According to a national survey by Bankrate.com, Kansas was edged out only by Nevada this year, and North Carolina last year. Here’s how Bankrate.com describes their survey and its results:
“Bankrate.com researchers gathered closing-cost information from at least four lenders in 50 states and the District of Columbia. In California, researchers also collected data separately for Los Angeles and San Francisco.
“Researchers requested a good faith estimate for a $200,000 loan, assuming a 20 percent down payment and good credit.”
The results of the survey are displayed in a table which “ranks the states, from most expensive closing costs to least expensive, by average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: taxes, other government fees and escrow fees.
“In 2008, Bankrate surveyed 56 areas, including three in California (Los Angeles, San Francisco, Sacramento), two in Illinois (Chicago and Springfield), and two in New York (New York City and Buffalo). In 2009, Bankrate surveyed one area in 49 states, two areas in California (Los Angeles and San Francisco) and the District of Columbia.”