New York has the highest closing costs in the country

Bankrate.com released the results of their national closing costs survey on Friday. New York had the highest average closing costs at $3,887 and Missouri had the lowest at $2,713. These estimates are based on a 30-year mortgage for a $200,000 home for a borrower with good credit and a 20% downpayment.

How does your state rank? Here are the top five most expensive states for mortgage closing costs:

1. New York
2. Texas
3. Hawaii
4. Ohio
5. Florida

And these are the five most inexpensive states:

1. Missouri
2. Michigan
3. New Hampshire
4. Montana
5. Wyoming

This national survey can be helpful for borrowers wanting to estimate their closing costs before getting into a mortgage. Remember too that borrowers who may not have good credit and a big downpayment could end up paying more. Extreme closing costs can be a sign that you are dealing with a predatory lender.

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Emily Peters