In Orlando, Closing Costs on Florida Mortgage Loans Among Nation’s Highest

This isn’t ideal.

The cost of closing a residential Florida mortgage loan is the fifth-highest in the country, according to a survey by an online consumer banking service.

The information compiled bankrate.com was based on the closing costs for a $200,000 loan for a 30-year, fixed-rate Florida home mortgage on a single-family house. Bankrate got eight to 10 estimates in each state and the District of Columbia from the Web sites of online lenders.
The average closing cost in Florida was $3,349. This figure trailed only New York ($3,887), Texas ($3,578), Hawaii ($3,407) and Ohio ($3,354). What accounted for the higher cost in Florida? Probably the cost of title insurance, which was 27 percent higher in the Sunshine State.

Along with the survey, bankrate.com commissioned a national poll of consumers about closing cost fees. It found that 60 percent of homeowners paid in closing costs about what had been estimated by their lender; so at least there isn’t any fraud going on.

If you were thinking about a Florida mortgage home loan, this information shouldn’t be too discouraging. Many sellers are offering incentives in this slow market - and that may mean help with your closing costs. There’s only one way to find out.