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What is the average cost of closing on a single family home in the Bronx?

We are looking at homes in the 7-800K range in the 10463/10471 zip codes and wonder how much more we'll need to close? Appreciate any insight you can share!
  • December 17 2012 - Riverdale
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Answers (3)

Besides lender fees that can vary from lender to lender (should be no more than $1000), then big ticket items that you are looking at are the NYS Mortgage tax which is 2.175% of the loan amonut and title insurance that will probably be in the $4000-4500 range.  Also you are probably looking at about $2000 in attorney fees (both you and the bank are represented.  This is for basic single family homes.  If you are buying a CO-OP then the mortgage tax and I believe the title insurance itself is not applicable.
  • December 17 2012
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Profile picture for Ofe Polack
Unless you are paying cash for the property, contact a few mortgage brokers and they will be able to provide you with a  Good Faith Estimate and then ask a closing company to draft  a preliminary HUD.  There isn't such a thing as an average house anywhere.  Ron's message is quite good.
  • December 17 2012
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Depends on the size of the loan. Many lenders charge a 1% Origination fee (1% of the loan amount). They may charge other fees like: Commitment Fee, Processing Fee, Underwriting Fee. You have the title side, you have escrows, you have appraisal, maybe inspection fees, maybe first years home owners insurance. Interim interest until the end of the month, etc. You have state registration fess/taxes, etc.

This all adds up. Some of the fees may be negotiated, some can't. Some or all maybe included in the loan, other options may allow the lender to pay them on your behalf. Talk with several lenders and ask them.

Ron Jensrud
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  • December 17 2012
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