Georgia Mortgage Closing Costs: Affordable

Georgia has become a more affordable state in which to close a mortgage loan, according to a Bankrate Inc. survey published this week.

The average closing cost for a Georgia mortgage in 2007 is $2,655, putting it in 31st place among the states. In 2006, Georgia ranked 20th with an average closing cost of $3,046.

The New York housing market is the most expensive region to close a mortgage transaction in 2007, according to the study. The average closing cost in New York is $3,830. Indiana, the least expensive state, has an average closing cost of $2,339.

The survey compared the costs of mortgage lender fees, title fees and settlement fees in 51 geographic locations.

The survey was conducted in June by getting four to nine good faith estimates from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan.

They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house. Bankrate’s survey includes lenders’ origination fees and title and settlement fees, not taxes or prepaid items.