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A recent study by Rankrate sites North Carolina as the state with the lowest mortgage closing costs in the country.
The average closing cost for a $200,000 home in North Carolina is just $2,650, compared to a national average of $3,118. By contrast, New York, has an average closing fee for the same-priced mortgage is $4,016.
The higher fees elsewhere in the country are attributed to lenders asking appraisers to do more time-consuming work, Bankrate says. Bankrate conducted the study in June and July of 2008 by obtaining four to nine good-faith estimates from the Web sites of lenders. Researchers selected ZIP codes in some of the largest cities in each state and requested information on the closing costs from a $200,000 loan for 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 home.
So what does this mean for you? It means that if you are moving to Charlotte-especially from NY, you can calculate that you can put more of your money into a down payment. "This is a great advantage to your newcomers" says Rich Ferretti of Southern Winds Realty, "Charlotte North Carolina, remains one of the most popular places to move to, and our lower closing costs are just one of the advantages."
Read More:
http://www.bizjournals.com/charlotte/stories/2008/08/04/daily48.html
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