Closing

Below is a summary of the buyer’s estimated closing costs. Actual closing costs may vary depending on the property and the transaction.

  • Buyer’s Attorney: $500
  • Origination Fees/Points: 0 to 3% of loan value
  • Application & Origination Fees: $500 – $1,000
  • Bank’s Attorney: $400
  • Real Estate Tax Escrow:  Up to 12 months
  • Recording Fees: $150
  • Mortgage Tax: 1.0% to 1.25% of loans under $500,000 (depending on the county)
  • Appraisal: $500
  • Title Fees & Insurance: 0.5% +/- of purchase price
  • Personal Mortgage Insurance: 1.0% +/- of purchase price
  • Homeowners Insurance: $500
  • NYS Transfer Tax: 0.4% of purchase price if new construction or foreclosure transactions
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