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Customary Closing Costs

 

 Co-op:

UP-FRONT FEES:

APPRAISAL $300 (higher for properties valued over $500,000)
APPLICATION FEE $300
CREDIT REPORT $15

CLOSING COSTS:

BANK ATTORNEY $400-$750 (depending on bank & state)
FLOOD CERT $18-$29 (depending on bank)
LIEN/UCC SEARCH $250-$300 (depending on bank)
RECORDING FEE $20-$75(depending on bank & state)
DOC PREP/UNDERWRITING FEE $0-$600 (depending on bank)



PER DIEM INTEREST:

As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.

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 1-4 Family & Condo Purchases:

UP-FRONT FEES:

APPRAISAL $300 (higher for 2-4 family properties & those valued over $500,000)
APPLICATION FEE $300
CREDIT REPORT $15

CLOSING COSTS:

BANK ATTORNEY $400-$750 (depending on bank & state)
FLOOD CERT $18-$29 (depending on bank)
RECORDING FEE $60-$287(depending on locale)
TAX SERVICE CHARGE $60-$130(depending on bank)
DOC PREP/UNDERWRITING FEE $0-$500 (depending on bank)
NY STATE MORTGAGE TAX NYC - 1.75% of loan amount less $25 (1.875% on loans above $500,000)

YONKERS - 1.25% of loan amount less $25

ALL OTHER NY - .75% of loan amount less $25



PER DIEM INTEREST:

As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.


PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS

A calculation will be done at the closing to determine the amount of money that will need to be initially deposited to your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The bank will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 4 to 6 months worth of payments.


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 1-4 Family & Condo Refinances:

UP-FRONT FEES:

APPRAISAL $300 (higher for 2-4 family properties & those valued over $500,000)
APPLICATION FEE $300
CREDIT REPORT $15

CLOSING COSTS:

BANK ATTORNEY $400-$750 (depending on bank & state)
FLOOD CERT $18-$29 (depending on bank)
RECORDING FEE $60-$287(depending on locale)
TAX SERVICE CHARGE $60-$130(depending on bank)
DOC PREP/UNDERWRITING FEE $0-$500 (depending on bank)
NY STATE MORTGAGE TAX NYC - 1.75% of loan amount less $25 (1.875% on loans above $500,000)

YONKERS - 1.25% of loan amount less $25

ALL OTHER NY - .75% of loan amount less $25



PER DIEM INTEREST:

As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.


PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS

A calculation will be done at the closing to determine the amount of money that will need to be initially deposited to your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The bank will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 4 to 6 months worth of payments. Note that any funds remaining in your escrow account with the previous lender will be refunded directly to you (usually within two weeks of the closing.)


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