Generally, in the New York metropolitan area, it is customary to give a deposit equal to 10% of the purchase price. Because that now amounts to a large amount of money in our area, it is not unusual for attorney to request a 5% down payment on contract, as this money is held in a non interest bearing escrow account, and is an amount that a person would never want to walk away from. The buyer will need to have this money available when they sign the contract. If you would like more information about the mortgage process in New York, including closing costs, please feel free to e-mail me.
Senior Loan Officer
Preferred Empire Mortgage