First step: get Prequalified by a Local Mortgage Banker to review costs and loan programs you would qualify for. The loan program determines the amount of the down payment alongside your unique financial situation as it fits into the mortgage Prequalification. Your Mortgage Banker will also review closing costs with you.
The bottom line is this: if you're buying a home in New York City, you're going to pay overall higher closing costs than elsewhere in the country. There's not a whole lot you can do to save more than a few hundred dollars here and there in your overall closing costs. The NYS Mortgage Tax alone for properties within New York City is 1.8%. You can't do anything to reduce that cost. While Lender fees may vary from one Lender to another, they won't vary by much more than about $1,000 or so (unless you're paying Points).
Find a great, experienced Mortgage Banker for high quality service, expertise and education. That's your best bet.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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If you'd like, I am always available to meet face-to-face in one of our Queens branches. We're very dependable and do not charge points, so our fees are low and extremely competetive to those lenders who are among the cheapest when it comes to fees. Our rates are also low and competetive to the market. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797