Buffalo NY, 3rd higest closing Costs in the nation

New York, Texas, Florida. For the second straight year, those are the most expensive states in which to get a mortgage.
Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate’s annual survey of closing costs. The fees in the survey don’t include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.
Fees in New York City were highest, averaging $4,016 in Bankrate’s survey. Houston came in second, with fees that averaged $3,975. After that came Buffalo, N.Y., with fees averaging $3,845, and then Miami, at $3,683.
North Carolina had the least expensive closing costs in the survey, at an average of $2,650. The previous year, Indiana took the last spot.
The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state’s most populous city. Bankrate also surveyed Springfield, Ill., Buffalo, San Francisco and Sacramento, just in case Chicago, New York and Los Angeles were unrepresentative. It turns out that it didn’t matter much. Cities in the same state weren’t far apart in total closing costs.
Why New York is tops
New York tops the list for the fourth year in a row for two reasons. First, origination fees are swollen by taxes that the state levies directly on lenders, which are passed along to consumers. Second, lawyers customarily conduct closings in New York. Many closings are attended by at least three attorneys (for the buyer, seller and lender). In some other states, especially in the West, closings are conducted by title agents and escrow officers who charge less than lawyers.
When comparison shopping for a loan, pay attention to the origination and title fees. In most places, those are the costs that are subject to negotiation. Taxes aren’t negotiable, and most prepaid costs, such as prorated interest, vary depending on the day of the month when you close the loan.
Study the GFE
Even as the housing market has slumped in the last three years, fees have gone up, says Mike Kratzer, president of FeeDisclosure.com, a Bankrate company, which provides consumers with information to help cut their mortgage transaction costs.
He says appraisal fees have crept up recently, as lenders ask appraisers to do more thorough, time-consuming work. During the housing boom, lenders favored appraisers who did the job quickly and inexpensively. Above all, lenders favored appraisers who justified house prices that, in retrospect, were too high.
Now lenders want appraisers to document trends: not just prices for comparable homes in the past 60 days, but also whether prices are higher or lower than they were six or nine months ago. Kratzer says lenders are stricter about what appraisers can use for comparables. As a result, he says, some appraisals take more time, and therefore cost more.
As for lenders’ fees, Kratzer sees two opposite trends. Some lenders consolidate fees. Instead of charging separate fees for underwriting, processing and document preparation, they lump them into a lender’s fee. Often, this lender’s fee is more than the formerly separate fees added together. On the other end of the spectrum, some lenders have added e-mail, PDF and document-printing fees.
“You would think that with technology, they would charge less, not more,” Kratzer says.

A document called the good faith estimate, or GFE, is invaluable when shopping around. The lender is required to furnish a GFE within a few days of your application. Like a library using the Dewey Decimal System, the GFE is arranged in numbered sections. The 800s and 1100s are the sections to concentrate on when you compare and negotiate.
The 800 section denotes the lender’s fees. For example, 801 is the origination fee, 804 is the credit report fee, 808 is often the broker’s fee. The 1100s denote title fees (among them, 1102 for the title search and 1108 for the title insurance premium).
Watch for junk
“Question every cost. You don’t just have to take it,” says Christopher Cruise, who trains mortgage brokers and loan officers. “If it says ‘administrative,’ or ‘doc prep’ or ‘miscellaneous,’ it’s just pure junk.”
Even mortgage executives, when e-mailing among themselves, refer to these fees disparagingly. According to the August issue of Conde Nast Portfolio, Countrywide executives referred to some fees as “junk” and “garbage.” When ordering a low-cost mortgage for a politician, the executives would specify “no junk” or “no garbage fees.”
Ordinary consumers didn’t get the same consideration.
Beware of double-dipping. Sometimes a broker will charge an origination fee (line 801) and a broker fee (usually line 808). “It’s the same thing!” Cruise exclaims.
The 1100 section of the GFE, for title charges, warrants scrutiny, too. If any fee seems unjustified, ask that it be waived.
Compare estimates
It’s easy to get hung up on the individual fees and lose sight of the bigger picture. Different lenders give different names to their fees. That can be confusing. To simplify things, compare two or more estimates by adding up the dollar figures in each GFE’s 800 section and compare those subtotals with one another. Do the same with the 1100 sections. If any subtotals stand out as unusually high or low, ask why.
“I’m pretty critical, in general, of borrowers who don’t ask questions,” Cruise says. “For the most part, they don’t.”
Vote for lower fees
In some cases, there’s little that you can do about high closing costs except via the ballot box, because state governments mandate expensive title insurance. The prime examples are Texas, Florida and New Mexico. All three states’ average title charges that are hundreds of dollars more than the national average.
These three states have something in common: Their title insurance rates are promulgated by the insurance department – that is, the state government sets the fees for title insurance premiums, title searches, or both. It’s illegal to charge less than the promulgated rate.
To see what your state charges, see the detailed reports. To see how your state stacks up against the others, look at this chart.

http://www.bankrate.com/nltrack/news/mortgages/2008/closing-costs-overview_a1.asp?ec_id=brmint_ns_mortgage_20080807

coup d’état

Who is with me?

That’s one thing I like about Vegas… no Lawyers. Escrow companies make more sense to me.

:tup: can’t wait to close in a few weeks.

are you honestly surprised?

^Not me BTDT a few times.
Are you in on the coup or not?

I’m in for a coup. sounds like a good time.

we’re all well aware… :stuck_out_tongue:

Sure why not. I wanna pitchfork though.

The seller paid my closing cost!

I call the torch!

go move somewhere else then.

its all relative. the price you pay for a house here, you’ll get a pile of garbage somewhere else. so whotf cares what the taxes are and the closing costs are when youre getting a house for 200k that would cost 600k anywhere else.

^I am tired of giving math lessons.
Here is the important part, when you give the money to the state you NEVER get it back.
When the money goes toward equity you DO get it back.
:banghead:

so if buffalo is such a dying/poor city…why are we taxed the most / have the highest housing costs / up there in gas costs etc

Same reason that poor people always have a ton of shit. Poor people have poor spending habits. So do poor cities.

quick & dirty:

Buffalo needs to collect $100 / yr in taxes
Buffalo has 100 homeowners.
Each homeowner pays $1/yr.

50 people move to Amherst, San Diego, Carolina, w/e.

Buffalo still needs to collect $100 / yr.
50 homeowners left.
Each homeowner now pays $2/yr.

Obviously there is a HELLUVA lot more to it then that, but it generally boils down to that. The city wants to continue spending (including inflated salaries for 11ty2 career politicos), but there are less people paying into the system.

Also those that ARE homeowners in the city are getting older which means more tax exemptions meaning less money IN.

Also those that own propertys but don’t live there (which is alot of landlords et al) I “assume” that they get exemptions as well (STAR or the like)… which rolls into the schools, which rolls into the job market, etc etc.

property/school taxes are fucking rape here too :mad:

at least SONYMA offers $5k towards closing

makes sense , thanks :tup:

I’m going to go home and look at my closing papers tonight. I didn’t think my closing costs were anywhere near that.

I paid $10,000.
(Big mortgage = more tax)
But the rich don’t pay enough.
I paid more in one day than most of you will pay NY in several years.
Beleive me I am not bragging, I am complaining.:jays:

I want to refinance but I really don’t want to give The People’s Republic Of New York another $x,xxx.xx.

If I could refinance I would have more money to put into the local economy but, NY feels that they should redistribute my money the way they see fit.

Yea, and in the other thread <---------- your fellow state neighbors want to raise taxes more, because we just don’t pay enough. The people that always want to raise taxes, usually are the ones that get it all back, or pay nothing at the end of every year. Once you work for money, then see that when you make it, save it, spend it or die with it the state gets a cut, you get a little frustrated. The taxes in this state were hands down the reason I cannot buy a house at this point in time. The 650 a month is easy, but 200 a month in taxes on top of that are just a little too much on one income.