As
a result of there being no mortgage payment due the first month
following your closing; at the closing you must pay simple interest
covering the period from the day of the closing through the end of the
month.
$350
(higher for 2-4 family properties &
those valued over $500,000)
APPLICATION
FEE:
$275
CREDIT
REPORT:
$
50
CLOSING
COSTS:
BANK
ATTORNEY:
$400-$750
(depending on bank & state)
FLOOD
CERT:
$
18-$29 (depending on bank)
TITLE
INSURANCE PREMIUM:
varies
RECORDING
FEE:
$60-$287(depending
on locale)
TAX
SERVICE CHARGE:
$60-$130(depending
on bank)
DOC
PREP/UNDERWRITING FEE:
$0-$500
(depending on bank)
NY
STATE MORTGAGE TAX:
NYC
– 1.75% of loan amount less $25
(1.875% on loans above
$500,000)
YONKERS
–
1.25% of loan amount less $25
ALL
OTHER NY -
1% of loan amount less $25
PER
DIEM INTEREST:
As
a result of there being no mortgage payment due the first month
following your closing; at the closing you must pay simple interest
covering the period from the day of the closing through the end of the
month.
A
calculation will be done at the closing to determine the amount of money
that will need to be initially deposited to your escrow account. The
actual amount will depend on the dollar amount and timing of the first
tax payment coming due. The bank will need to make certain that there
will be sufficient funds on account to make this first payment.
Generally speaking, you can expect this amount to range anywhere from 4
to 6 months worth of payments.
$350
(higher for 2-4
family properties & those valued over $500,000)
APPLICATION
FEE:
$275
CREDIT
REPORT:
$
50
CLOSING
COSTS:
BANK
ATTORNEY:
$400-$750
(depending on bank & state)
FLOOD
CERT:
$
18-$29 (depending on bank)
TITLE
INSURANCE PREMIUM:
varies
RECORDING
FEE:
$60-$287(depending
on locale)
TAX
SERVICE CHARGE:
$60-$130(depending
on bank)
DOC
PREP/UNDERWRITING FEE:
$0-$500
(depending on bank)
NY
STATE MORTGAGE TAX**:
NYC
– 1.75% of loan amount less $25 (1.875% on loans above
$500,000)
YONKERS
–
1.5% of loan amount less $25
ALL
OTHER NY -
1% of loan amount less $25
PER
DIEM INTEREST:
As a result of there being no mortgage payment due the first
month following your closing; at the closing you must pay simple interest
covering the period from the day of the closing through the end of the month.
PROPERTY
TAX & HOMEOWNERS INSURANCE ESCROWS:
A
calculation will be done at the closing to determine the amount of money that
will need to be initially deposited to your escrow account. The actual amount
will depend on the dollar amount and timing of the first tax payment coming due.
The bank will need to make certain that there will be sufficient funds on
account to make this first payment. Generally speaking, you can expect this
amount to range anywhere from 4 to 6 months worth of payments. Note that any
funds remaining in your escrow account with the previous lender will be refunded
directly to you (usually within two weeks of the closing.)
**NYS
Mortgage Tax on the existing loan balance can often be waived; although you
may incur a consolidation/extension fee of up to $250 (depending on the
bank) to cover the extra legal work involved.
