NEW: RI Mortgage Closing Costs Among Lowest in Country

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Tuesday, July 19, 2011

Andrew McCarthy, GoLocalProv News Contributor

In Bankrate.com’s list of states with the highest mortgage closing costs, Rhode Island came in an impressive 41st. The list ranked the average closing costs charged by the lending industry for a mortgage in each state from most expensive to least expensive. Actual costs will be higher than shown because the most variable costs are omitted: taxes, other government fees and escrow fees.

The Web site surveyed all fifty states (including two cities in California) and the District of Columbia.

Rhode Island’s average closing cost this year was $3,705, the 12th lowest out of the 52 places surveyed.

Interestingly, the Ocean State’s 2010 figure was only about $200 higher at $3,972 but was 14th highest out of 52.

While recent Rhode Island homeowners might not seem much change in the girth of their wallets, at least they can take solace in the fact that their state has been more stable than the rest of the country.

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