Texas Second-Most Expensive State In US to Close On A Mortgage

New research by financial publisher Bankrate finds that mortgage closing costs are falling in Texas. But those costs remain far above the national average.

On average, it now costs $4,600 to close on a mortgage in Texas. The state has the second-highest closing costs in the nation after New York. Closing costs average roughly $3,800 nationwide. Both the Texas and national averages are down 7% this year compared to 2011.

Holden Lewis is a senior mortgage analyst with Bankrate.com.

“Consistently over the last six or seven years, Texas has been there near the top of the list of the most expensive states for closing costs. And it seems that it’s third-party costs, especially closing costs, that are the culprit.”

Lewis says rates vary lender by lender, even within the same neighborhood, and that it pays for consumers to shop around for at least three different estimates.

 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...