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1-4 Family, Condo and Coops The information provided below reflects estimates of the charges you are likely to incur at the settlement of your loan. The fees listed are estimated; actual charges may be more or less. Your transaction may not involve a fee for every item listed. This information is not intended to be a Good Faith Estimate pursuant to the Real Estate Settlement Procedures Act of 1974 as amended (RESPA); rather it is intended to provide pre-application information to help you make an Informed Decision. Do at Formal Application Appraisal Fee: $ 325 - Higher for for 2-4 family properties & values over $ 500,000 Application Fee: $ 0 Credit Report Fee: $0 - $ 32.32 Standard Closing Costs Bank Attorney: $ 350 - $ 1,250 (New York Only) Flood Certification: $ 0 - $ 25 Tax Service Charge: $ 0 - $ 85 Underwriting Fee: $ 0 - $ 750 if applicable Administration Fee: $ 0 - $ 750 if applicable Standard Title Costs Title Insurance: Varies by Insurance Company - State Regulated Coop Lien Search: $ 275 - $ 375 Varies by Insurance Company Departmental: $ 95 - $ 375 varies by Insurance Company Recording Fees: $ 150.00 State / County controlled fee NYS Mortgage Tax: .85 % of Loan Amount less $ 25.00 NYC Mortgage Tax: 1.05 % of Loan Amount NYC Mortgage Tax: 1.375 % of Loan Amount if over $ 500,000 Miscellaneous Per Diem Interest: As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month. Escrows: Property Tax and Property Insurance escrows are required under most mortgage programs; but can be waived on a case by case basis. Escrows are designed to allow the lender to collect 1/12th of your annual Property Tax bill and Annual Insurance bill as part of your mortgage payment. Your initial escrow deposit will be calculated at closing to determine the amount of money that will need to be initially deposited to your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The lender will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 3 to 6 months worth of payments. Pest Inspection: Purchase Applicants should have a pest inspection report done as soon as possible. Please note that many of our programs do not require Pest Inspections; but we recommended having one prepared. Home Inspection: Purchase Applicants should
have a Home Inspection or Engineers report done as soon as possible. Please note
that we do not require Home Inspection Reports; but we recommended having one
prepared.
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