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August 3, 2015

Maine has fifth-lowest mortgage closing costs: Bankrate.com

Mortgage closing costs dropped 7% nationally over the past year, with Maine having the fifth-lowest costs in the nation, according to numbers released Monday by Bankrate.com.

Nationally, mortgage closing costs average $1,847 on a $200,000 loan. Hawaii was most expensive at $2,163, followed by New Jersey, Connecticut, West Virginia and Arizona.

The least expensive state was Ohio at $1,613, followed by Idaho, Wyoming, Utah and Maine. Average origination fees in Maine were $897 and average third-party fees were $830 to total $1,727 in closing costs, according to Bankrate.com.

Nationwide, the average origination fee declined 22% to $1,041 and the average third-party fee rose 22% to $807.

“Homebuyers have more say over closing costs than they think,” said Bankrate.com’s senior mortgage analyse Holden Lewis. “Costs vary between lenders, so everyone should compare at least three different options. You don’t have to go with the lender your agent suggests.”

 

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