The Typical Closing Cost Fees in Texas

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Closing a mortgage loan in Texas will cost you, at least according to a survey of closing costs compiled by website Bankrate.com. According to this site, Texas in 2010 boasted the second-highest closing costs in the nation. Only the state of New York topped the Lone Star State in the Bankrate poll.

Average Costs

Bankrate found that the average closing fees for a $200,000 purchase mortgage loan in Texas stood at $4,708 in 2010. That's higher than the national average for that year of $3,741. It's second only to the $5,623 in closing costs that buyers in New York state had to pay in 2010 on a $200,000 purchase mortgage.

Lender Fees

When you apply for a mortgage, you'll pay two kinds of fees, those charged directly by your lenders and those charged by third-party companies that help your lender close your loan. In Texas, home buyers paid an average of $1,539 in lender fees when closing on a $200,000 purchase loan in 2010, according to Bankrate. These fees include the charges that lenders file for preparing loan documents, underwriting your loan, processing your loan and taking your application.

Third-Party Fees

Third-party fees ran an average of $3,169 in Texas for a loan of $200,000 in 2010, according to Bankrate. These fees include charges for title search, title insurance, flood certification, credit checks and home appraisals.

Search for Better Offers

Not all lenders will charge Texas borrowers the same closing costs. That's why you should shop around for the best fees and interest rates when you're debating with which lender to work. You can take out a mortgage loan with any lender licensed to do business in your state, even if that lender isn't physically located in Texas.

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