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on August 05, 2014 at 10:52 AM, updated August 05, 2014 at 11:05 AM
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Mortgage closing costs are rising in Oregon and across the country, according to a survey by mortgage website Bankrate.com.
The company requests annual estimates from lenders in each state for a homebuyer seeking a $200,000 mortgage with a 20-percent down payment and excellent credit. This year, that hypothetical buyer would pay $2,539 in origination and third-party fees, up six percent from a year ago.
In Oregon, the same buyer would pay $2,559 in closing costs, up 7 percent from last year. That would make Oregon’s closing costs the 20th highest in the nation and for the first time above the national average.
Jake Planton, a loan officer at Rose City Mortgage in Portland, said that his company hasn’t raised its fees, but that new regulations have made it more expensive to originate home loans.
“Part of that is to pay for all the compliance,” Planton said. “It costs more to have a compliance officer watching everything, every file.”
In addition, he said, appraisal fees have started to rise. Appraisers, too, are operating under tighter regulations.
“New mortgage regulations are the biggest reasons why closing costs went up over the past year,” said Holden Lewis, senior mortgage analyst for Bankrate. “The good news is that some lenders have not increased fees.”
The states with the highest closing costs are Texas ($3,046), Alaska ($2,897), New York ($2,892), Hawaii ($2,808) and Wisconsin ($2,706).
The lowest closing costs are in Nevada ($2,265, Tennessee ($2,366), Missouri ($2,387), Ohio ($2,392) and Washington, D.C. ($2,402).
The estimates include origination fees and fees charged by third parties, like for an appraisal. They exclude title insurance, taxes, government fees and escrow fees.