Please contact one of our experienced Loan
Officers to discuss any questions you may have.
| Name |
Description |
Cost |
| Appraisal Fee |
Cost for obtaining a formal appraisal report for your property |
$300 - $1,000 depending on property value |
| Underwriting/Processing Fee |
Fee charged by the lender to review and process your application |
$300 - $600 |
| Application Fee |
Fee charged by Universal Mortgage at the time of application |
$350 |
| Settlement/Closing Agent Fee |
Fee charged by the bank attorney or closing agent to fund and close your loan |
$500 - $800 |
| Tax Service Fee |
Fee for recording state, city or federal tax information |
$50 - $100 |
| Title Insurance |
Fee for an insurance policy that protects you against other people claiming ownership of the property |
Loan amount x .01 (varies by insurance provider and whether it's a purchase or refinance transaction) |
| State Mortgage Tax (NY) |
NY state tax on all new mortgages |
2.05% of loan amount on loans less than $500,000 and 2.175% on loans equal to or greater than $500,000 |
| Mansion Tax (only applies for properties sold for over $1 million and only in certain states) |
State tax for properties sold over $1 million |
1% of purchase price |
