Virginia Ranked #19 in Bank Rate Closing Cost Survey
Virginia is ranked #19 as far as the cost of closing costs by state for purchasers. To read the full article go to http://rismedia.com/2010-08-16/what-state-has-highest-closing-costs-bankrate-com-releases-2010-closing-costs-survey/.
Researchers requested a good faith estimate for a $200,000 loan, assuming a 20 percent down payment and good credit.
The table below 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 2009 and 2010, Bankrate surveyed one area in 49 states, two areas in California (Los Angeles and San Francisco) and the District of Columbia. An (*) below denotes a tie.
2010 Closing Costs
|
| 1 | 2 | New York | $2,015 | $3,608 | $5,623 |
| 2 | 1 | Texas | $1,539 | $3,169 | $4,708 |
| 3 | 16 | Utah | $1,431 | $3,174 | $4,605 |
| 4 | 4 | California - San Francisco | $1,386 | $3,181 | $4,566 |
| 5 | 14 | California - Los Angeles | $1,419 | $2,987 | $4,406 |
| 6 | 6 | Alaska | $1,936 | $2,391 | $4,327 |
| 7 | 8 | Oklahoma | $1,352 | $2,902 | $4,254 |
| 8 | 7 | Pennsylvania | $1,340 | $2,897 | $4,236 |
| 9 | 28 | New Jersey | $1,338 | $2,772 | $4,110 |
| 10 | 27 | Idaho | $1,365 | $2,711 | $4,077 |
| 11 | 18 | Massachusetts | $1,548 | $2,477 | $4,025 |
| 12 | 3 | Florida | $1,237 | $2,751 | $3,987 |
| 13 | 9 | Ohio | $1,446 | $2,540 | $3,985 |
| 14 | 42 | Rhode Island | $1,989 | $1,983 | $3,972 |
| 15 | 39 | Arizona | $1,437 | $2,514 | $3,950 |
| 16 | 34 | Wyoming | $1,460 | $2,462 | $3,922 |
| 17 | 38 | Minnesota | $1,403 | $2,517 | $3,920 |
| 18 | 23 | Louisiana | $1,491 | $2,406 | $3,897 |
| 19 | 15 | Virginia | $1,528 | $2,355 | $3,883 |
| 20 | 19 | Michigan | $1,424 | $2,380 | $3,804 |
| 21 | 11 | North Dakota | $1,515 | $2,285 | $3,800 |
| 22 | 41 | District of Columbia | $1,363 | $2,322 | $3,685 |
| 23 | 35 | Delaware | $1,401 | $2,248 | $3,649 |
| 24 | 20 | West Virginia | $1,421 | $2,216 | $3,637 |
| 25 | 51 | Kansas | $1,453 | $2,161 | $3,615 |
| 26 | 45 | Nebraska | $1,529 | $2,079 | $3,608 |
| 27 | 10 | Washington | $1,452 | $2,154 | $3,607 |
| 28 | 31 | Georgia | $1,402 | $2,201 | $3,604 |
| 29 | 26 | South Carolina | $1,366 | $2,155 | $3,522 |
| 30 | 30 | Alabama | $1,529 | $1,983 | $3,512 |
| 31 | 43 | Illinois | $1,422 | $2,083 | $3,505 |
| 32 | 12 | Tennessee | $1,450 | $2,033 | $3,483 |
| 33 | 13 | New Mexico | $1,401 | $2,079 | $3,480 |
| 34 | 52 | Nevada | $1,248 | $2,223 | $3,471 |
| 35 | 50 | Indiana | $1,452 | $2,013 | $3,465 |
| 36 | 21 | Hawaii | $1,303 | $2,139 | $3,442 |
| 37 | 49 | Maine | $1,456 | $1,976 | $3,432 |
| 38 | 40 | Maryland | $1,481 | $1,921 | $3,402 |
| 39 | 24 | Connecticut | $1,408 | $1,983 | $3,391 |
| 40 | 48 | Vermont | $1,483 | $1,889 | $3,372 |
| 41 | 29 | Colorado | $1,449 | $1,917 | $3,366 |
| 42 | 32 | South Dakota | $1,458 | $1,905 | $3,363 |
| 43 | 36 | New Hampshire | $1,533 | $1,825 | $3,358 |
| 44 | 47 | Missouri | $1,344 | $2,012 | $3,356 |
| 45 | 44 | Kentucky | $1,488 | $1,893 | $3,341 |
| 46 | 25 | Mississippi | $1,480 | $1,855 | $3,335 |
| 47 | 5 | Oregon | $1,450 | $1,883 | $3,333 |
| 48 | 22 | Wisconsin | $1,491 | $1,812 | $3,303 |
| 49 | 33 | Montana | $1,409 | $1,890 | $3,298 |
| 50 | 37 | Iowa | $1,477 | $1,784 | $3,261 |
| 51 | 46 | North Carolina | $1,476 | $1,779 | $3,255 |
| 52 | 17 | Arkansas | $1,466 | $1,542 | $3,007 |
| | | | | | |
| | | Average | $1,463 | $2,277 | $3,741 |
For information on Buying or Selling a Home in Northern Virginia or to search the MLS please visit
http://www.kimdarwaza.com. Kim Darwaza of RE/MAX Allegiance is your Northern Virginia Real Estate Expert.