The Cost

Fees incurred when getting a NY mortgage to purchase a home:

Below are all the costs you might incur when purchasing a home in New York City. Third party, Taxes, and Title fee amounts are my best estimate based on what I have seen in the past. I do not charge an Application fee or any other Broker fees (No Processing, Administrative, Courier, etc.). If you are purchasing a home oustide of NYC some of the some of Taxes below are not incurred, however depending on your County/Municipality there may be other taxes instead. If you are outside of NYC you can use the link below to estimate your tax.

Origination Fees charged by Lender:
Lender Underwriting fee (Each Lender charges a different amount, so it varies slightly) ..$650 - $850
Application fee...............................................................................................................$0
Processing Fee...............................................................................................................$0

Third Party Fees:
Appraisal Fee (Cost differs for 1 and 2 family homes)........................................$430 and up
Credit Report Fees ...........................................................................................$30 - $60
Bank/Settlement Attorney...................................................................................$850 - $1,000
Flood Certification fee.........................................................................................$9
Tax Service Fee................................................................................................$69

State and County Taxes (Click here for Rate Calculator):
NYS Mortgage Tax.....(.05% of Mortgage) i.e. $300,000 Mortgage the Tax is..........$1,500
NYC Mortgage Tax.....(1% of Mortgage) i.e. $300,000 Mortgage the Tax is ............$3,000
NYC Mortgage Tax.....(1.125% if Mortgage is greater than $500,000)
MCTD Addititional Mortgage Tax (approx .03% of Mortgage) $300,000 Mortgage ....$870

Title Fees (Fees paid to your Attorney):
Your Attorney will be able to provide the exact amount af these costs - I will work closely with him or her to get the exact amounts into the Good Faith Estimate)

Owner's Title Insurance (Click here for Rate Calculator; approx .045% of Purchase Price)
Mortgagee's Title Policy (Click here for Rate Calculator; approx .015% of Mortgage)
Endorsements.........................................................................................$200*
Courier Fees...........................................................................................$30*
Survey...................................................................................................$800*
Searches & Recording Fees.....................................................................$1,500*

*These are all amounts you will pay directly to your Attorney, I have estimated based on past experience, I will work with your Attorney to get the exact anounts.