Home Buying in 10801>Question Details

Vanessa, Home Buyer in New Rochelle, NY

I hear that closing costs are roughly 5% of your purchase price. How much can I expect to pay in Closing?

Asked by Vanessa, New Rochelle, NY Thu Jan 22, 2009

Costs for a Co-Op in New York (Westchester) that sells for $150K. Does anyone have a list of what is included in closing costs? And how to reduce the costs?

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HI, Vanessa,
Closing costs consist of an appraisal fee that varies from #325.000 on up, a credit report fee of about $25.00, a bank processing fee and underwriting fee of about $700.00 a bank attorney fee of about $750.00, title i nsurance (which you will not need for a coop) NY State mortgage tax (1.05% of the loan amount) a small ($50 or so) charge for delivery of documents and per diem interest (when you close on a property for example on Feb 15, you would pay interest forward till Feb 28 at closing, then the next payment would be due on April 1) You might be able to negotiate with the bank about closing costs, but most of the costs are fixed. You also will need your own attorney, which is something you can negotiate as well. Let me know if I can help you with anything else--have you found an apartment you want to buy or would you like me to send you some listings? Margie Weschler
1 vote Thank Flag Link Thu Jan 22, 2009
Hi Vanessa, You are in luck I actually do a have a well written list (by an attorney) detailing the various closing costs. Keep in mind they are estimates and pretty good ones at that. They are typically about 3% of the purchase price and rise with the cost of the home. Typically in a transaction, the title insurance and mortgage tax are the bulk. You are looking in the ball park of $4,000-$6,000 for a coop. Nobody would be able to give you final numbers until close to the closing which your attorney will fill you in on. Please let me know if you would like me to forward the list. I will be out of town until Monday so could scan and email then.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Thu Jan 22, 2009
In New York State, you should have an attorney handling your closing; they are the ones who work out the closing costs and by law will provide you with a HUD statement showing exactly how the money was disbursed
0 votes Thank Flag Link Thu Jan 22, 2009
Your mortgage broker would be expert in providing that info and discuss all particulars. Loan officer provide you a Good Faith Estimate. (GFE)
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 22, 2009
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