Buyer Closing Costs in NY Explained | Down Payment, Escrow, Mortgage Tax & More

How much money do you need to buy a house in New York besides your down payment? More than most buyers expect. Plan for earnest money (credited back at closing), appraisal and inspection, homeowners insurance, lender fees, New York mortgage recording tax, title insurance, attorney fees, prepaid taxes and escrow, tax prorations, and possibly lender reserves. In this episode of Real Talk with Stephanie Scriven, a licensed NYS broker walks through every buyer closing cost using a $300,000 home with 5% down in Onondaga County. CHAPTERS 0:00 5% down isn't all the cash you need 0:53 Earnest money deposit: is it a fee? 1:57 Down payment vs. closing costs 2:38 Costs you pay before closing (appraisal, inspection) 3:29 Homeowners insurance before closing 3:58 Lender fees and NY mortgage recording tax 5:17 Prepaids and escrow: why you may prepay months of taxes 6:25 Lender's vs. owner's title insurance 7:09 Your New York real estate attorney 7:30 Tax prorations explained 8:14 PMI and lender reserves 9:10 How much cash to close do you actually need? FREQUENTLY ASKED QUESTIONS What closing costs do buyers pay in New York? Typically lender fees, mortgage recording tax, title insurance, attorney fees, recording fees, and prepaid taxes, insurance and interest. Exact amounts depend on your lender, loan, county and closing date. Is earnest money part of my closing costs? No. If the purchase closes, your earnest money deposit is credited toward your cash to close. What is mortgage recording tax in New York? A tax paid when your mortgage is recorded, and the rate depends on the county. In Onondaga County, a buyer with a $285,000 mortgage on a one-family home pays about $2,100. Why is my lender collecting months of property taxes? If your taxes and insurance are escrowed, the lender funds that account up front. Depending on your closing date, that can be several months of taxes. It's not a fee; it pays your future bills. Why am I paying for title insurance twice? You're not. A lender's policy protects the bank, and an optional owner's policy protects you. What is cash to close? The total you bring to closing: down payment plus closing costs and prepaids, minus your deposit and any seller or lender credits. Your Closing Disclosure arrives at least three business days before closing for most standard mortgages. Buying in Syracuse or Central New York? Book a free 30-minute buyer consultation: https://api.leadconnectorhq.com/widge... Stephanie Scriven, Licensed Real Estate Broker · Broker/Owner, Home With Us Realty Group, LLC 6171 Airport Rd, Syracuse, NY 13209 · (315) 569-8931 · stephaniescriven.com General education, not legal, tax or financial advice. Costs vary by lender, loan program, county and closing date; always confirm figures with your lender and attorney. Equal Housing Opportunity. #ClosingCosts #FirstTimeHomeBuyer #SyracuseRealEstate