New York residents and real estate are undoubtedly aware that the state now has the highest mortgage closing costs in the US.
Bankrate.com, the financial research company, has discovered that New York’s closing costs averaged $6,183 for a $200,000 mortgage. No.2 state Texas is lower by more than $1,200.
People familiar with the state, its expenses, and its taxes, were not particularly surprised by the findings.
“I don’t know that that’s anything new. We’ve seen New York at or near the top for a number of years” explained Greg McBride of Bankrate.
Newcomers, however, may be put out by the costs. McBride said he doubts they will have a significant impact. “I’m not sure a couple thousand in closing costs are going to deter people if the state income rates and home prices in the New York City area haven’t already” he said.
Philip J. Aquila Jr., said “when you combine closing costs with our low housing prices, we still are in a very affordable homeownership position versus most of the rest of the country.”
According to numerous experts, it is wise to seek out the best deal. “New York may be the highest cost-state, but there’s still a disparity among lenders operating in the state, so it’s important to shop around and make sure you’re getting the best deal that you can.”