Utah Real Estate News Clips - Utah Real Estate

How much are closing costs in Utah?
September 29, 2006

Coming in at No. 32, Utah has lower closing costs than many other states in the nation, according to Bankrate’s recently released 2006 National Closing Cost Survey. The survey, which collected data from all 50 states and the District of Columbia, provides a comparison of lender, title and settlement fees. According to the survey, Utah’s closing costs averaged $2,913 (closing costs in Virginia also averaged $2,913). The states with the highest closing costs were New York ($3,887), Texas ($3,578) and Hawaii ($3,407). The states with the lowest closing costs were Missouri ($2,713), Michigan ($2,714) and New Hampshire ($2,734).

Bankrate’s Closing Cost Survey was conducted by obtaining eight to 10 good-faith estimates in each state from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information about the closing costs for a $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.

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