Mortgage closing costs can vary widely by state, according to a recent survey by Bankrate.com. The average closing costs on a mortgage fell by 7% to $3,754, with New York being the most expensive with a cost of nearly $5,500. On the other extreme is Missouri at $3,000. Interestingly, Ohio ranks #11 on the list, with an average cost of nearly $4,000. While Ohio’s costs actually fell by about $200, other states saw sharper declines, pushing Ohio up to #11 from last year’s #18. So what’s behind the decline? A combination decrease in title insurance and other third party fees.
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