PHOENIX — Here’s some good news for Arizona homebuyers.
A new Bankrate.com survey ranked the state as the eighth lowest in the country when it comes to closing costs.
Overall, closing costs rose about two percent in Arizona last year and nearly 6 percent nationwide.
“Nationally, a homebuyer getting a $200,000 loan today would pay an average of about $2,539 to close on the loan,” said Polyana Da Costa with Bankrate.com.
She said that stiff competition among mortgage companies is keeping costs lower in the state.
“Lenders will charge what the market bears,” said Da Costa. “If there is a lot of competition in one market, they have to be more competitive with their pricing.”
The survey says Texas has the highest closing costs in the nation, with an average of $3,046 for a $200,000 loan. Alaska, New York, Hawaii and Wisconsin round out the top five.
The cheapest closing costs in the country are in Nevada, with an average of $2,265. The rest of the bottom five are Tennessee, Missouri, Ohio and Washington, D.C.