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Residential and Commercial Mortgage Solutions!

818 Rt. 202-206 North • Bridgewater, N.J. 08807
Telephone (908) 722-9217 • Fax (908) 722-2827
Toll Free 800-327-0123 • Email: info@goldmortgage.com
Apply Today, Online Application.  Approval in 2 hours or less (Monday-Friday)!
 

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CUSTOMARY CLOSING COSTS

 

  • Co-ops
     
  • 1-4 Family & Condo Purchases
     
  • 1-4 Family & Condo Refinances

Co-ops

UP-FRONT FEES

APPRAISAL

$300 (higher for properties valued over $500,000)

APPLICATION FEE:

$300

CREDIT REPORT:

$ 15

 

CLOSING COSTS

BANK ATTORNEY: $400-$750 (depending on bank & state)
FLOOD CERT: $ 18-$29 (depending on bank)
LIEN/UCC SEARCH: $250-$300 (depending on bank)
RECORDING FEE: $20-$75(depending on bank & state)
DOC PREP/UNDERWRITING FEE $0-$600 (depending on bank)


 


 

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.

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1-4 FAMILY & CONDO PURCHASES:

UP-FRONT FEES:

APPRAISAL: $300 (higher for 2-4 family properties & those valued over $500,000)
APPLICATION FEE: $300
CREDIT REPORT: $ 15

 

CLOSING COSTS:

BANK ATTORNEY:

$400-$750 (depending on bank & state)

FLOOD CERT:

$ 18-$29 (depending on bank)

TITLE INSURANCE PREMIUM:

$5/ thousand

RECORDING FEE:

$60-$287(depending on locale)

TAX SERVICE CHARGE:

$60-$130(depending on bank)

DOC PREP/UNDERWRITING FEE:

$0-$500 (depending on bank)
 

NY STATE MORTGAGE TAX:

NYC – 1.75% of loan amount less $25 (1.875% on loans above $500,000)

YONKERS – 1.25% of loan amount less $25

ALL OTHER NY - .75% of loan amount less $25



 

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.

 

PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS:

A calculation will be done at the 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 bank 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 4 to 6 months worth of payments.

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1-4 FAMILY & CONDO REFINANCES:

UP-FRONT FEES:

APPRAISAL $300 (higher for 2-4 family properties & those valued over $500,000)
APPLICATION FEE: $300
CREDIT REPORT: $ 15

 

CLOSING COSTS:

BANK ATTORNEY:

$400-$750 (depending on bank & state)

FLOOD CERT:

$ 18-$29 (depending on bank)

TITLE INSURANCE PREMIUM:

$5/thousand

RECORDING FEE:

$60-$287(depending on locale)

TAX SERVICE CHARGE:

$60-$130(depending on bank)

DOC PREP/UNDERWRITING FEE:

$0-$500 (depending on bank)
 

NY STATE MORTGAGE TAX**:

NYC – 1.75% of loan amount less $25 (1.875% on loans above $500,000)

YONKERS – 1.25% of loan amount less $25

ALL OTHER NY - .75% of loan amount less $25

 

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.

 

PROPERTY TAX & HOMEOWNERS INSURANCE ESCROWS:

A calculation will be done at the 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 bank 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 4 to 6 months worth of payments. Note that any funds remaining in your escrow account with the previous lender will be refunded directly to you (usually within two weeks of the closing.)

 

**NYS Mortgage Tax on the existing loan balance can often be waived; although you may incur a consolidation/extension fee of up to $250 (depending on the bank) to cover the extra legal work involved.

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Telephone (908) 722-9217 • Fax (908) 722-2827

 
    Golden Mortgage Corporation
818 Route 202-206 North, Bridgewater, New Jersey 08807
  Telephone: 908-927-9100    Email: info@goldmortgage.com

  Licensed Correspondent Banker, New Jersey Department of Banking and Insurance
  Registered Mortgage Broker NYS, loans arranged through 3rd party providers