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Unshocker Of The Day: Closing On House Very Expensive In NY

HERE’S ONE more reason why it’s so ridiculously expensive to live in New York: We have the highest mortgage closing costs in the country.

For the third year in a row, New York State leads the way in fees associated with getting a home loan, according to a new survey from Bankrate.com.

The average closing cost here is a whopping $5,435 for a $200,000 mortgage on a single-family home purchased with a 20% down payment.

A $200,000 mortgage? I dare you to find a $200,000 house in New York that’s inhabitable. Trust me, I just went through this. Our mortgage was $299,250 and we spent nearly $10,000 on closing, so yeah, I feel this pain.

(Source: New York Daily News)

8 August 2012 ·