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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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soundofreason wrote:
On the wrong end of yet ANOTHER list. Thank your officials. Their legislative rules on foreclosure processes now penalizes the mass majority instead of dealing FIRMLY with the FEW who were actually making "mistakes".
on August 5,2013 | 07:25AM
1local wrote:
too much regulations and hands in the pot...
on August 5,2013 | 08:50AM
Dont you think it could have something to do with our median priced housing. Obviously, if you have a $500K mortgage vs. a $250K mortgage the costs will be realtive.
on August 5,2013 | 12:40PM
HD36 wrote:
True but the cost for paper and ink should be be about the same. Wether I buy $100,000 shares of stocks or $10,000 shares of the same stock, Ameritrade charges only $8.95 for the trade.
on August 5,2013 | 02:46PM
mcc wrote:
Lenders are stealing from borrower's with their "hidden" fees. It has been happening for a long time.
on August 5,2013 | 07:29AM
Hidden fees?, Really? As far as I know, all fees have to be disclosed-no such thing as hidden fees with todays disclosure laws. The SA should have went a little bit further investigating the "size" of our loans compared to the rest of the country. If they had spent some time they could have formulated the hypothesis that the fees were realtive to the size of the mortgage. Didnt anybody read the article last month indicating Hawaii has the largest median price market in the nation.
on August 5,2013 | 12:44PM
HAJAA1 wrote:
on August 5,2013 | 07:49AM
jekat2003 wrote:
If origination fees are included in the calculation of closing costs then of course Hawaii is going to be the most expensive. If you have one of the highest housing costs in the nation you're probably going to have one of the highest purchase loan amounts in the nation which in turn results in the highest closing costs. DUH!! The article would have been more useful if they compared items such as appraisal fees, title insurance, conveyance taxes.
on August 5,2013 | 08:03AM
Thank you, somebody is thinking before jumping!
on August 5,2013 | 12:45PM
Maneki_Neko wrote:
According to spokespeople from the industry, the higher rates in Hawaii reflect the cost of shipping the mortgage from the mainland.
on August 5,2013 | 08:07AM
DAGR81 wrote:
The statistics are not that bad if you consider the higher price of homes in Hawaii. The real problem in not the closing costs but the cost of housing in Hawaii.
on August 5,2013 | 08:56AM
serious wrote:
Yes, 'WE'RE NUMBER ONE, AGAIN!!! Strange that Hawaii and Alaska, the only two states effected by the Jones Act are one and two. Cost of Living!!!!
on August 5,2013 | 08:11AM
islandboy1562 wrote:
Unfortunately here in Hawaii we lead the nation in the wrong things - Cost of living, Mortgage financing costs, Gasoline Prices, Food prices etc. To live in paradise you got to pay for it.
on August 5,2013 | 08:54AM
mcc wrote:
Traffic, potholes, high taxes, poor schools, train to nowhere, crumbling water and sewer lines, etc., etc., etc.
on August 5,2013 | 09:14AM
islandboy1562 wrote:
Yeah and we pay dearly for poor performing schools, water and sewer costs and we get POOR SERVICE - that what made in Hawaii means, buy local!!!
on August 5,2013 | 09:39AM
serious wrote:
We don't have to be in this position. Get gambling, at least the lottery here, get our federal reps to exempt HNL from the Jones Act---why should HI be the state that shoulders that tariff??? Let the other states share that burden!!!
on August 5,2013 | 09:56AM
thepartyfirst wrote:
The real crooks ain't gonna allow gambling.
on August 5,2013 | 10:20AM
Serious, that would just make too much sense for all the lemmings here in Hawaii. No real thought process, just a follow the leader-old boy mentaility.
on August 5,2013 | 12:46PM
paradiddle wrote:
Why is this even news? Virtually everything is going to cost more in Hawaii.
on August 5,2013 | 04:06PM
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