Counting payments for home

Our handy closing cost chart has been designed to give you an idea of the types of costs associated with closing on a home. Please note that these are estimated costs and should not be relied upon for calculating final closing costs. Many fees and costs vary based on the sales price of the home you purchase or on the mortgage amount you receive from your lender. Always consult with attorneys, mortgage brokers, and other financial advisors for information regarding final closing costs.

 

Mortgage & Title Costs
  Attorney’s Fees   Consult with attorney
  Application Fee   $300-$500
  Credit Report Fee   $20-$100
  Bank Fees   $350-$750
  Points   1% of mortgage
  Appraisal   $225-$750
  Title Search            $350-$500
  Recording Fees   $30-$100
  Fee Title Insurance   Varies based on sales price
  Mortgage Title Insurance   Varies based on mtg amount
  Private Mortgage Insurance   Varies based on mtg amount
  Homeowner’s Insurance   Varies based on insurance company
  Title Closer Gratuity   $75-$100
Inspection Costs
  Home Inspection    $300-$700
  Radon Inspection    $150-$350
  Termite Inspection    $65-$150; $280-$360 with warranty
  Septic Inspection    $400-$700
  Oil Tank Inspection    $400-$700
  Asbestos Analysis    Varies
  Lead Analysis    Varies
  Mold Analysis    Varies


 

Mortgage & Title Costs: A number of fees must be paid when obtaining a mortgage. First and foremost, the Buyer is responsible for their own personal attorney’s fees as well as the bank attorney’s fees. The Buyer should also expect to be responsible for the costs of applying for the mortgage, having a credit report pulled, home appraisal, title search, and recording fees. Points, which are a percentage of the mortgage loan,  are a way to buy down the interest rate of the mortgage. Title insurance protects the Buyer and the Lender against any losses in the case of a title dispute. Homeowner’s insurance protects the Buyer and the Lender against losses in the case of property damage and casualties. The Title Closer, who is a representative of the title company, often depends on gratuity for much of their income. The customary gratuity is between $75 and $100.

Inspection Costs: New York is a Caveat Emptor State, meaning that the Buyer is responsible for defect and hazard testing.  In Westchester County, testing well water is the Seller’s responsibility. Inspection and analysis costs will vary based on the age and size of the property, as well as other factors.