Closing Costs Rising

On an average of 36.6% closing costs have risen over the last year according to the 2010 mortgage fee survey from Bankrate.com.  Bankrate, which gets its survey data from online Good Faith Estimate (GFE) forms, say the increase may be due to the new GFE form and changes to the Real Estate Settlement Procedures Act. 

Lenders are penalized now for lowballing fees and the numbers may be more accurate than those reported in the past. 

The three most expense states for closing costs on a $200,000 purchase are New York (avg. $5,623); Texas (avg. $4,708); and Utah (avg. $4,605) according to Bankrate.

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