Closing Costs Low in Maryland

Frank Storch pleased at good housing news

Good news for Baltimoreans, including businessman Frank Storch. A new study has found that Maryland ranks sixth in the United States for the lowest cost of closing on a home. Bankrate.com reports that the average closing cost comes to $2,404 on a $200,000 home in Maryland. The national average is $2,539.

Washington, DC comes out in fifth place, narrowly beating Maryland by only $2. Nevada however, has the lowest closing costs in the country, averaging in it $2,265. Texas, on the other hand has the most expensive price for closing on a house: $3,046 on a $200,000 mortgage.

The country’s average of $2,539 represents a 6% rise in closing costs since last year, caused in part by a 9% increase in origination fees.