Closing Costs For Buyers In Eastchester

Buying a home in Eastchester and wondering what you will owe at the closing table? You are not alone. Closing costs can feel confusing, especially in a fast-moving spring market. In this guide, you will learn what buyer closing costs usually include, how much to budget, and the local Westchester details that can affect your bottom line. Let’s dive in.

What closing costs cover

Closing costs are the fees you pay to finalize your purchase. They include lender charges, title and recording fees, attorney and settlement services, prepaid items like insurance and taxes, inspections, and prorations for things like property taxes and utilities.

You will see many of these items listed on official loan documents. Your lender must provide a Loan Estimate within three business days of your mortgage application and a Closing Disclosure at least three business days before closing. These are your authoritative sources for line-by-line amounts.

How much to budget

As planning guidance, buyers who finance often hold back about 2% to 5% of the purchase price or loan amount to cover closing costs. Cash buyers usually pay less in lender-related fees, so totals often run about 1% to 3% of the purchase price.

Your actual number can be higher or lower. It depends on your loan program, purchase price, whether the seller offers credits, and local taxes or recording fees. Treat the ranges above as a starting point, then use your Loan Estimate and title quote to dial in real numbers.

Common buyer costs in Eastchester

Loan and lender fees

These are charged by your lender to evaluate, underwrite, and administer your loan.

• Origination or lender processing fee (flat fee or a percentage of the loan)
• Application, underwriting, and processing fees
• Appraisal fee to confirm market value
• Credit report fee
• Flood certification, tax service, and other lender-required checks
• Rate-lock or discount point costs if you buy down your rate

Tip: Request Loan Estimates from at least two lenders so you can compare fees and options clearly.

Title and settlement services

Title providers research the property’s history, clear liens, and insure ownership and the lender’s interest.

• Title search and commitment
• Lender’s title insurance policy (typically paid by the buyer)
• Owner’s title insurance policy (who pays varies by local custom and negotiation)
• Settlement or closing agent fee

New York regulates title insurance rates. Ask a local title company for a written title quote that shows lender and owner policy options and who typically pays the owner policy for an Eastchester purchase.

Attorney representation

In New York, buyers commonly hire an attorney to review the contract, negotiate title matters, and attend closing. Fees are often flat for residential purchases and vary by complexity and attorney experience. Ask for a written flat-fee quote that lists what is included.

Recording, transfer, and mortgage taxes

You will see county and state charges tied to recording the deed and mortgage. Westchester County sets recording fees, and New York State imposes mortgage recording and transfer taxes in many transactions. Your lender and attorney will calculate the estimates for your file. Because rates and practices can change, confirm current schedules with the Westchester County Clerk and the New York State Department of Taxation and Finance or your closing attorney.

Prepaids and escrow deposits

Prepaid items are expenses you fund up front to set up your loan and protect your new home.

• First year of homeowner’s insurance
• Prorated property taxes and an initial escrow deposit
• Per diem mortgage interest from closing to your first payment
• HOA transfer fees, prorated dues, or capital contributions if applicable

Your Loan Estimate will show expected escrow deposits and prepaids. If the home is in an HOA, request fee statements early.

Inspections and surveys

Most buyers order a general home inspection soon after signing the contract, plus specialized tests if needed.

• General home inspection
• Termite or pest inspection
• Radon testing
• Septic or well tests where applicable
• Survey if required by your lender or attorney

Costs vary by home size and scope, so request quotes from local providers.

Other small fees

You may see miscellaneous charges such as courier and overnight fees, wiring fees, document preparation, title endorsements, municipal searches, and similar line items. These will appear on your Closing Disclosure.

Eastchester specifics to watch

Local attorney practice

Using an attorney in residential closings is standard in New York. Plan on hiring counsel for contract review and closing representation.

Owner’s title policy custom

Who pays for the owner’s title insurance can vary. In many New York area transactions, the seller has historically covered it, but practices differ by municipality and can change. Confirm the norm for Eastchester with your attorney, the listing agent, or a local title company, and negotiate this in your contract.

Property taxes and school districts

Eastchester includes multiple villages and tax jurisdictions, such as the Village of Bronxville, the Village of Tuckahoe, and unincorporated areas. Property tax rates and billing calendars differ by village and school district. Ask for a recent tax bill and the local tax calendar so you can plan for prorations and your initial escrow deposit.

Recording and county fees

Westchester County sets deed and mortgage recording fees and per-page charges. Your Closing Disclosure will include these items. If you want to double-check, review the county fee schedule or ask your attorney.

Mortgage and transfer taxes

New York real property transfers and mortgage recordings can trigger taxes. Your lender or attorney will calculate the mortgage recording tax if a mortgage is recorded. Confirm current rates and thresholds with your attorney.

Step-by-step budgeting plan

1. Get pre-approved and compare Loan Estimates

• Apply with at least two lenders. Each lender must issue a Loan Estimate within three business days of your application.
• Ask each for an estimated total in dollars and as a percent of the purchase price.

2. Request itemized title and attorney quotes

• Ask a local title company for a title quote that shows lender and owner policy costs and settlement fees.
• Request a written flat-fee proposal from one or two real estate attorneys.

3. Verify local taxes and recording fees

• Ask your attorney to include current Westchester recording fees and any state or county transfer or mortgage tax estimates.
• Obtain a recent property tax bill and the school or municipal tax calendar to plan for prorations and escrow.

4. Collect inspection and HOA numbers

• Schedule your general inspection quickly after contract signing and add specialized tests as needed.
• If the property is in an HOA, request the estoppel or fee statement early to avoid surprises.

5. Negotiate who pays what in the contract

• Clarify which party pays the owner’s title policy, transfer tax, and any repairs.
• If you need help with cash to close, ask your lender which fees are negotiable and whether seller credits are allowed.

6. Use the Closing Disclosure to finalize cash to close

• You must receive the Closing Disclosure at least three business days before closing.
• Compare it with your Loan Estimate and ask about any material changes before you wire funds.

7. Lean on local expertise

• Ask your agent or attorney for sample closing statements from similar Eastchester purchases.
• This helps you set realistic expectations and avoid missing line items.

Avoid common mistakes

• Not comparing Loan Estimates. Even small fee differences can add up.
• Forgetting prepaids and escrow deposits. These can be a meaningful share of cash to close.
• Waiting to schedule inspections. Early scheduling keeps your timelines on track and protects your deposit.
• Assuming the seller pays the owner’s title policy. Confirm local custom and negotiate it in writing.
• Ignoring property tax calendars. Prorations and escrow deposits depend on local billing cycles.

Final thoughts

Closing costs do not have to be a mystery. With clear estimates from your lender, a title quote, and an attorney’s flat fee in hand, you can enter the spring market with confidence and a realistic budget. If you want a local set of eyes on your numbers, I am happy to walk through a sample closing statement and coordinate with your lender, attorney, and title company so there are no surprises.

When you are ready to take the next step, connect with me for local guidance from offer to closing. I have 25+ years helping Westchester buyers plan, negotiate, and close with clarity. Reach out to schedule a friendly consult with April H Monaco Real Estate.

FAQs

What are typical buyer closing costs in Eastchester?

• Many financed buyers plan for about 2% to 5% of the purchase price or loan amount, while cash buyers often see about 1% to 3%, but your actual total depends on loan program, price, credits, and local taxes.

Who pays for the owner’s title insurance policy in Eastchester?

• It varies by local custom and negotiation; in some New York area transactions the seller has historically paid, so confirm the current norm for your deal and put it in the contract.

When will I know my exact cash to close?

• Your lender must provide a Closing Disclosure at least three business days before closing, which shows the exact cash to close after credits, prorations, and deposits.

Can I roll closing costs into my mortgage or use seller credits?

• Some loan programs allow certain costs to be financed if loan-to-value limits permit, and seller credits can reduce cash to close; ask your lender for program-specific rules.

How are Eastchester property taxes handled at closing?

• Taxes are prorated based on local billing calendars for the specific village or district, and your lender may collect several months of escrow to fund future bills.

Are any closing costs tax deductible?

• Many closing costs are not deductible immediately, although points sometimes are; consult a tax advisor for guidance on your situation.