Your mortgage lender can provide you with a “good faith estimate” of your closing costs at various times during the process of loan approval. This is only an estimate and actual costs may vary. However, 24 hours prior to closing, RESPA (Real Estate Settlement Procedures Act) requires your bank to give you a breakdown of all actual closing costs. If you see any charges that you don’t understand, ask your lender to explain them to you. The following should be used as a general guide. Your actual closing costs may vary based on services and fees required by different lenders as well as local transaction related taxes if any. Cash down on Contract: Additional cash on closing: (balance of down payment) Attorney’s Fees: Survey fee: Title Search: Title Insurance: Mortgage Related Fees: Application fee (if any) Credit Report fee Appraisal fee Recording fee Bank attorney’s fees Up front points to buy down mortgage rate (if any) – 1 point = 1% of mortgage amount NYS Mortgage Tax – 0.80% of the mortgage amount less $30.00 Private Mortgage Insurance (PMI) – insurance required by banks when loan to value is over 80% Tax Escrow: usually based on 13 months Homeowner’s Insurance: Misc. expenses pre-paid by seller if any: (these could charges for heating oil left in the tank, annual service agreements with various vendors or real estate taxes that have been pre-paid by seller, etc.)
