Report: R.I. 22nd lowest closing costs

PROVIDENCE – The Ocean State has the 22nd-lowest mortgage closing costs in the United States, according to a Bankrate.com report released this week.
In Rhode Island, closing costs average $2,076 on a $200,000 loan, which is slightly below the national average of $2,128.
Hawaii’s mortgage closing costs are the highest in the country at $2,655, based on the $200,000 loan amount, while Pennsylvania’s are the lowest at $1,837.
“Thanks to the new and improved mortgage disclosures that the [Consumer Financial Protection Bureau] introduced last October, closing cost estimates have become more accurate because they mandate that lenders include all costs ahead of time,” Holden Lewis, Bankrate.com’s senior mortgage analyst, said in a statement. “This is great for consumers who can now comparison shop with more confidence.”
To come up with its findings, Bankrate, a consumer financial services company, surveyed up to 10 lenders in all 50 states and Washington, D.C., in June.
Researchers obtained online loan estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals.

No posts to display