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What mortgage expenses are associated with buying a home?

Asked by Trulia Bronx, Bronx, NY Mon Apr 29, 2013

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As far as direct mortgage expenses, excluding all other 3rd party closing costs (including title, govt recording charges etc), you may have an underwriting, processing and application fee. If you decide to pay points to lower your interest rate this is also considered a mortgage expense.

You will also have an appraisal fee. This is typically considered a mortgage expense although it is typically ordered through a 3rd party appraisal management company.
1 vote Thank Flag Link Mon Apr 29, 2013
What a great question, Buyers need to get educated especially knowing what is involved with purchasing a home with financing. A Loan or Morgage Banker would have all these questions answered in a nutshell. NYC has the highest rate for closing costs anywhere from 5-6%. You also have to pay for a Title Search, Transfer Taxes, Recording Fee, Etc.

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
1 vote Thank Flag Link Mon Apr 29, 2013
At the closing you will pay for attorney preparation, filing fees, title insurance, document stamps, transfer taxes, mortgage application fees (if any), home inspection fees (if any), homeowner insurance and pro-rated utilities, property taxes and HOA fees (if any). This will be in addition to any points you purchased as part of your mortgage.

Once you have closed, the only continuous mortgage related expenses will include the payment on the principle, interest and mortgage insurance (if you put down less than 20%).
1 vote Thank Flag Link Mon Apr 29, 2013
There are several different expenses associated with financing a purchase of a home. The costs are mainly divided into two major part, lender expenses & title related expenses. Lender expenses include bank fees, which are discount points or origination points, appraisal fees, credit report fees, etc. Title related expenses include title insurance and other title fees. Closing costs also include mortgage tax which vary by county, and settlement fees.

To get a more detailed breakdown of all these costs, it's always best to obtain a Goof Faith Estimate (GFE) from the lender involved.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Mon Apr 29, 2013
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