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We were told to estimate 5% of the purchase price and that was near accurate for us.
The house is in Lake Grove. We've been looking for over a year and its nice to finally find something. Its not the area we originally wanted but its a great neighborhood. We knew this closing would be expensive but adding on a half year's taxes is going to make it really tight....but we'll manage somehow- anything to get out of this apartment!
Your mortgage broker or mortgage banker should give you a good faith estimate that targets your closing costs. Ours were pretty much right on target with what we actually paid. NYS Mortgage Tax (.8% of the loan amount?) and Title Insurance are the biggest amounts of cash you'll be waving goodby to. The prepaid interest and other money going to escrow is a big chunk of cash to come up with for closing, but its sort of like stashing your cash away in a separate account for a future expense - you are not really spending it yet, just setting it aside for a future expense - and we did get interest on our escrow this past year.
