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 lew4170
Joined: 27 Mar 2009
Posts: 1
1.41 Dollars($)
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 Posted: Fri Mar 27, 2009 8:28 am Post subject: Closing costs in New York state |
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| 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 $14,000!!! What's that about!!??? Anyway around that? |
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billjames
Joined: 27 Mar 2009
Posts: 66
16.54 Dollars($)
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| Posted: Fri Mar 27, 2009 1:29 pm Post subject: |
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you have many options please give a few details
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Fri Mar 27, 2009 11:17 pm Post subject: |
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Hi lew!
Welcome to forums!
Closing costs are generally higher in New York as compared to other states but $14,000 is quite a huge amount in my opinion. I agree with Eric. You should consult other brokers and check out the average closing cost.
Feel free to ask if you have further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Sat Mar 28, 2009 4:32 am Post subject: |
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are you sure that costs are "generally higher in new york" sussane? can you explain why that might be the case, please?
thanks.
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George M. Akerley
Loan Consultant
860-221-5044 |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Sun Mar 29, 2009 10:23 pm Post subject: |
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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 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Mon Mar 30, 2009 7:04 am Post subject: |
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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.
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George M. Akerley
Loan Consultant
860-221-5044 |
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