Skip to main content

Interthinx provides name-matching technology

National Mortgage Professional
Aug 11, 2008

Bankrate.com study: NY, TX and FL top the nation in closing costsMortgagePress.comBankrate.com, closing sosts, GFEs A new study released by Bankrate, Inc. shows that the cost of getting a mortgage continues to rise despie a soft housing market. The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. In the study's geographical breakdown, New York City leads the nation at an average fee of $4,016, with Texas, Buffalo, Miami and Oklahoma rounding out the top five. North Carolina is the least expensive area with an average fee of $2,650, replacing Indiana (now #45 with an average fee of $2,878) at the bottom of the list. To view the complete study and analysis of the data, as well as tips on what to look for in closing costs when getting a mortgage, click here. "Often times, consumers forget about the added fees involved in buying a home," said Holden Lewis, senior reporter with Bankrate.com. "Closing costs can be extremely expensive if not researched thoroughly. Keeping closing costs at a minimum can make a big difference to homebuyers during difficult economic times." Bankrate's Closing Cost study was conducted in June and July of 2008 by obtaining four to nine good faith estimates (GFEs) from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan. They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house. Bankrates survey includes lenders' origination fees and title and settlement fees, and not taxes or prepaid items. For more information, visit www.bankrate.com.
Published
Aug 11, 2008
More from
Tech
E-Closing Technology: Norcom Mortgage’s Implementation Lessons

Norcom Mortgage outlines its implementation lessons learned as the company transitioned to its digital experience.

Tech
Sep 17, 2021
New York Community Bank Creates Groundbreaking Digital Payment Process

Now Figure Technologies Inc. can conduct real-time secondary trading in digital shares of its stock by utilizing Figure’s alternative trading system (ATS) that operates on Provenance Blockchain.

Tech
Sep 14, 2021
NAMB Partners With Dell Technologies

Offers Discounts To Members To Help With Technology Upgrades

Tech
Sep 13, 2021
Notarize And Snapdocs Announce Partnership

Notarize and Snapdocs, Inc. entered a partnership in which brings two digital closing companies together in hopes to further streamline the closing process.

Tech
Sep 09, 2021
Hold The Phone: Agile Formally Launches Platform For TBA MBS Quotes

Trade Auction Manager Allows Small to Mid-Size Broker Dealers To Quote Digitally

Tech
Sep 09, 2021
SimpleNexus Approved As eClosing Solution Provider For Both GSEs

SimpleNexus, a homeownership platform developer, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider.

Tech
Sep 07, 2021