How much are closing costs in NYC?
Buying a home involves more than the down payment. There are other closing costs such as title policies, insurance policies, recording fees, inspections, and bank fees. Below is a list of some applicable closing costs:
Mortgage recording tax (NYC):
1.8% of the mortgage when the purchase price is less than $500,000
1.925% of the mortgage when the purchase price is $500,000 and greater
Mansion Tax of 1% of the purchase price when the purchase is greater than $1,000,000
Bank fees include origination costs, appraisal, underwriting, application, bank attorney, interest, escrow. Title fees include the cost of individual searches, real estate taxes, recording fees, survey costs, and owner and lender title policies.