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Estimated Closing Costs
Your mortgage lender must disclose a good faith estimate for all settlement/closing costs. You will need a check to cover your closing costs which will probably have to be a cashier's or bank check. The title company, attorney or other entity conducting your closing will tell you the required amounts for:
- Down Payment
- Loan origination fees
- Points or loan discount fees you pay to receive a lower interest rate
- Appraisal fee
- Credit report
- Private mortgage insurance premium
- Insurance escrow for homeowners insurance - if being paid as part of the monthly mortgage payment
- Property tax escrow - if being paid as part of the month mortgage payment (Lenders keep funds for taxes and insurance in escrow accounts as they are paid with your mortgage payment, then pay the insurance and/or the property taxes for you)
- Deed recording fees
- Title insurance policy premiums
- Survey
- Inspection fees - building inspection, termites, etc.
- Notary fees
- Pro-rations for your share of costs such as utility bills and property taxes
A note about pro-rations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Pro-ration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be pro-rated for the number of days in the month, and then each person would be responsible for the proportionate days of his or her ownership.
| Estimated Closing Costs for New York | ||
| Mortgage Related Fees | 1-4 Family & Condo | Co-op |
| Usually Paid at Application | ||
| Application | $350 | $350 |
| Credit Report | $9.80-$14.60 | $9.80-$14.60 |
| Appraisal | ||
| $0.00-$499,999 | $300 | $500 |
| $500,000-$749,999 | $400 | $550 |
| $750,000-$999,999 | $650 | $800 |
| $1,000,000-$1,500,000 | $750 | $900 |
| Over $1,500,000 | $1,000 | |
| Usually Paid at Closing | ||
| Tax Related Service Fee | $70 | $70 |
| Underwriting Commitment Fee | $350 | $350 |
| Processing Fee | $330 | $330 |
| Lender's Attorney | $650-$750 | $650-$750 |
| UCC Lien Search | $250-$400 | |
| Departmental Searches | $350 | |
| Title Insurance | Depends on purchase price and mortgage amount | |
| Taxes | See Chart | See Chart |
| Recording Fee | $150 | $80 |
| Possible Prepaid Items (Not Fees) | ||
| Prepaid Interest | Per diem interest from closing to end of month | Per diem interest from closing to end of month |
| Homeowner's Insurance (1-4 family house only) | ||
| Escrowed Real Estate Taxes | Usually 2-6 Months | |
| Other Possible Fees | ||
| Co-op/Condo Questionnaire Fee to Mgt. Co. | $0-$350 | $0-$350 |
| Board Application Fee | $0-$300 |
|
| Recognition Agreement Fee to Co-op Board to Sign | $0-$550 | |
| County Recording Fees | ||
| *These figures are for estimates only, actual costs may vary | ||
| Estimated Mortgage Tax | |||
| Tax | Nassau & Suffolk | Hamptons | NYC & Boroughs |
| Mortgage Tax (real property only) |
0.80% less $30 | 0.80% less $30 | 1.80% less $30 up to $500k 1.925% less $30 greater than $500k |
| Transfer Tax (paid by the seller unless sale by a sponsor) |
0.4% of Purchase Price | 0.4% of Purchase Price | $500k and under: 1.425% Over $500k: 1.825% |
| Mansion Tax (properties $1,000,000 and over) |
1% | 1% | 1% |
| Peconic Bay Tax | N/A | South Fork: |
N/A |
Email today for a free rate quote or for more information!
E-mail us at mortgageinfo@c21amhomes.com
