Saturday, August 23, 2014         

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Hawaii mortgage closing costs the highest in U.S.

By Erika Engle


Hawaii has the highest mortgage closing costs in the nation, according to Bankrate.com.

Hawaii’s average closing costs of $2,919, compare to Wisconsin which at $2,119, has the lowest.

The online personal finance information site found that mortgage closing costs rose six percent over the past year to a national average of $2,402, with origination fees accounting for the bulk of the increase.

Bankrate.com Senior Mortgage Analyst Polyana da Costa recommends that people in the market to buy, compare fees from different loan originators “to make sure you get the best deal in your area.”

Behind Hawaii in the top five are Alaska, with an average cost of $2,675; South Carolina, at $2,658; California, at $2,639 and New Mexico, at $2,566.

Aside from Wisconsin, the states with the lowest average mortgage closing costs are Missouri, at $2,188; Kansas, at $2,193; Michigan, at $2,203, and Washington State at $2,208.

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