The typical costs for buyers in the Greater Rochester, Pittsford and Brighton area are comprised of three elements: First, your down payment, second, your prepaids or your escrows (typically, this will be equal to one year's taxes and property insurance) and third, closing costs which include bank fees, tax adjustments, attorney fees, etc. See below for schedule.
*Application Fee - FHA $350.00, Conventional $375 to $450.
*Points / Orgination Fee (one point equals 1 percent of the mortgage amount) there are no standards or typical fees, you can often get a lower interest rate if you are willing to pay one or more points. In times of lower interest rates it is usually not common to pay any points.
*Title Insurance - (approximately .0060 x mortgage amount)
*New York State Tax (.0075 x mortgage amount - $25)
*Personal Attorney ($350 - $750) Note: My preferred professionals charge towards the lower end and provide a superior service.
*Bank Attorney ($400 - $550)
*Administrative Fees (Miscellaneous) ($300 - $400)
*Prepaid interest (from closing date to first of following month)
*Inspections (engineer - $200-$350, Radon $100 - $150, Pest $75 - $100, Chimney $75 - $125)
*Property insurance (approximately $3.65 per thousand of property purchase price)
*Recording Fee ($100-$150)
*Title Endorsements ($50)
*Flood Certification ($22)
*Document Preparation Fee ($100 - $150)
*Courier Fees ($25 - $75)
*Underwriting Fee ($200 - $300)
*Apprasial Fee ($350 - $450)
*Application Fee ($0 - $400)