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CLOSING COST
Below are basic estimated closing expenses pertaining to the New York housing market and serves as a guide only, fees may vary. Check with your professional to ensure accuracy. Bank Expenses Paid Prior to Closing • Application and Processing Fees. Paid to the mortgage banker or lender to cover the cost of the appraisal fee, credit report, and loan processing. Cost: $500 to $1,000. • Discount Points (also known as the Loan Origination Fee). You may be given the option of paying an additional fee to your lender in order to lower your interest rate. One point is equal to • Tax Service Fee (condo/house). If you are purchasing a condo or a house, you will be required to pay real estate tax payments during the term of your loan either directly to the tax authorities or through your escrow account with the lender. Your lender will pay an independent service to monitor real estate tax payments. Cost: $70 to $80. • Flood Certification Fee. Your lender will determine whether or not your property is located in a federally designated flood zone. A fee is charged by an independent service to make that determination. Cost: $15 to $25. • Document Preparation. Your lender will charge you for preparing the loan documents. Cost: $200 to $300. • Underwriting or Administrative Fee. You will be charged for 109 one (1%) percent of the loan. Bank Expenses Paid at Closing
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