Alabama ranks among the nation's highest in mortgage closing cos - Alabamas13.com WVTM-TV Birmingham, AL

Alabama ranks among the nation's highest in mortgage closing costs

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Mortgage closing costs have gone up in the past year Mortgage closing costs have gone up in the past year
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Recent research shows home buyers in Alabama pay some of the highest closing costs in the USA.

According to a news release from bankrate.com, Alabama has the 11th highest mortgage closing costs in the nation, averaging at $2,613.

In fact, the information shows mortgage closing costs rose 6% over the past year nationwide, and now average $2,539 on a $200,000 loan.

Texas has the highest average closing costs, at $3,046, followed by Alaska at $2,897, New York at $2,892, Hawaii at $2,808 and Wisconsin at $2,706.

The cheapest closing costs are in Nevada, with an average of $2,265.

“New mortgage regulations are the biggest reasons why closing costs went up over the past year,” said Holden Lewis, senior mortgage analyst, Bankrate.com. “The good news is that some lenders have not increased fees. To get the best deal, consumers should compare good faith estimates from at least three different lenders.”

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