Dallas Mortgage Closing Costs Rank More Favorably This Year

The Dallas home market has been red hot in 2013, and with the upward trend in home values, new homeowners are becoming aware that closing costs on Dallas homes can’t always be paid by the seller.  That said, while closing costs on Texas mortgages were the third highest in the nation last year, according to recent numbers from Bankrate.com, Texas closing costs dropped to a much more buyer-friendly 13th place in this year’s national rankings.

Texas mortgage closing costs averaged $2,468 for 2013, according to the findings from Bankrate.com.  This was just slightly higher than the $2,434 that Texas mortgage closing costs saw in 2012, many other markets saw mortgage closing costs jump severely which allows an improvement of ten places lower on the list.

The Texas average of $2,468 was higher than the national average of $2,402, which makes sense given that Texas lenders require attorneys to prepare and review the closing documents, adding in additional costs of $100-$250 on each closing.  Texas’ costs were nowhere near as drastic as Hawaii, which, in ranking No. 1 on the list for mortgage closing costs, averaged $2,919 per loan.  Alaska ranked second with $2,675 in average closing costs and South Carolina took Texas’ place from last year in ranking third, with an average of $2,658.  The other states that had higher closing costs than Texas were California, New Mexico, North Carolina, New Jersey, Oklahoma, Florida, Delaware, Ohio and Georgia.

Bankrate.com determined these numbers based on the example of a $200,000 mortgage loan on a single-family home in one of the largest cities in each one of these states.  Additional factors of a 20 percent down payment on a home and a great credit score were used to determine the mortgage closing costs.

With Dallas being one of the largest cities in Texas, the survey drew from a Dallas mortgage example, naturally.  The $2,468 in Dallas mortgage closing costs included $1,690 in lender’s origination fees and $778 in third-party fees.

As for the states that saw the lowest mortgage closing cost, Wisconsin averaged $2,119 and Missouri averaged $2,118.

Would you like to hear more about Dallas mortgage options and how we can help you find the best Dallas mortgage plan for your unique situation?  If so, please give us a call at 972-499-0454 or contact us directly.