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lew4170 · Joined: 27 Mar 2009 Posts: 1 1.49 Dollars($)

Why are closing costs in New York state so much higher than any where else in the country!! I just want to refinance my current loan and the closing costs are going to be over $14,000!!! What's that about!!??? Anyway around that?

billjames · Joined: 27 Mar 2009 Posts: 66 16.56 Dollars($)

you have many options please give a few details

eric1 · Posted: Fri Mar 27, 2009 5:51 pm Post subject:

Lew, that sounds VERY HIGH. Speak to a few other mortgage brokers before you do anything.

smithsussane · Posted: Fri Mar 27, 2009 11:17 pm Post subject:

Hi lew!

Welcome to forums!

Closing costs are generally higher in New York as compared to other states but $14,000 is quite a huge amount in my opinion. I agree with Eric. You should consult other brokers and check out the average closing cost.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Sat Mar 28, 2009 4:32 am Post subject:

are you sure that costs are "generally higher in new york" sussane? can you explain why that might be the case, please?
thanks.

eric1 · Posted: Sun Mar 29, 2009 7:02 am Post subject:

I can see escrows being higher since taxes often are, but the other fees that make up the closing costs should be essentially similar.

smithsussane · Posted: Sun Mar 29, 2009 10:23 pm Post subject:

Hi George!

I'm not a resident of New York so I didn't knew the closing costs of that state. I wanted to help the OP so I googled it and found out an article in
"seattlepi.com/business/374256_real09.html" which stated that closing costs in New York are the highest. As it's a news website, I thought the information provided here is authentic. Do you think the information given here is wrong?

Sussane

gmakerley · Posted: Mon Mar 30, 2009 7:04 am Post subject:

i wondered where you got that statement from...

i just looked at the article you mentioned, and i see where you got the information. bankrate.com was the source (for you curious folk out there), and as was pointed out, there is a mortgage tax in new york state that is passed along to consumers as a cost. it appears that attorney fees are also a culprit in their costs being high.
now that i know where you got that, sussane, i certainly feel better. and i have to agree, in general, that the costs cited here are awfully high.

Guest

depending on the county you live in there is a recording tax on the loan amount, if you are refinancing you should not have to pay it again. Unless you are taking cash out thenyou would pay on that amount only. Ask your lender to get a SEMA from the previous lein holder.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

How does Ny rate in terms of property values overall? if real estate is generally more expensive in Ny, then it follows that closing costs would also be higher as they are a factor of the loan amounts - no?

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Closing costs in New York state