Mortgage closing costs are sky-high in Florida

Mortgage closing costs are sky-high in Florida

State’s fees are behind only New York, Texas, Hawaii and Ohio.

For the second year, New York has the highest mortgage-related fees in Bankrate .com’s annual closing-costs-comparison survey. New York’s high title and settlement costs lifted the state well above No. 2 Texas. The Lone Star State was followed in the top five by Hawaii, Ohio and Florida.

Home buyers in Missouri pay the lowest closing costs, according to this year’s study. The Show Me State” was followed by Michigan, New Hampshire and Montana. Wyoming, which was last year’s lowest-cost state, was fifth-lowest this year. The difference between New York and Missouri was $1,174 in this year’s survey. That’s a hefty sum to first-time buyers who typically scrimp to save for a down payment and closing costs.