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: $750
- 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: $950
- NYS Transfer Tax: 0.4% of purchase price if new construction or foreclosure transactions