• Home
  • Real Estate
  • Joseph Houlihan: What Home Buyers Should Know about Closing Costs

Joseph Houlihan: What Home Buyers Should Know about Closing Costs


By Joseph Houlihan, Managing Partner, Houlihan & O'Malley Real Estate


Dec. 23, 2015:  It used to be that home buyers found themselves overwhelmed with unexpected costs when they went to close on their home. But now, new regulations have been implemented to respond to consumers' need to better understand their loan options. Called Know Before You Owe, the federal mortgage disclosure rule was implemented by the Consumer Financial Protection Bureau on October 3 of this year.

Closing costs can run from two to five percent of the cost of your new home. So if you're buying a home that costs, say, $500,000, you will have to factor in another $10,000 to $25,000. The new regulations make these costs easier to review and understand and eliminate surprises at closing time.

The best advice is to be prepared. Some of the closing costs you may be faced with are:

  • Loan origination/application fee, charged by the lender for processing the loan paperwork

  • Attorneys' fees--both yours and your lender's

  • Fees for inspections required or requested by the lender or you

  • Discount points, paid in exchange for a lower interest rate

  • Appraisal fee

  • Survey fee for preparation of a current survey of the property's legal boundaries. Note: lenders will often accept an older survey as long as there are no changes to the property.

  • Title insurance premium

  • Title search fees to pay for a background check on the title to make sure there are no items such as unpaid mortgages or tax liens on the property

  • Pest inspection fee

  • Recording fee, paid to a city or county in exchange for recording the new transactions (including the mortgage)

  • Underwriting fee, covering the cost of evaluating a mortgage loan application

  • Escrow deposit, which may pay for a couple of months' (or more) property taxes and private mortgage insurance.

To simplify matters, Know Before You Owe replaces four disclosure forms with two new ones that are easier to understand and use: the Loan Estimate and the Closing Disclosure forms. A prospective lender is now required to give a prospective borrower a Loan Estimate form once the borrower provides the following: price of home, escrow (how much a down payment the borrower is making when the contract is signed), borrower's name and address, credit report, income of borrower, and loan amount.

Borrowers no longer need to fill out a whole loan application form to receive a loan estimate, which makes it easier for home buyers to shop around and compare loan offers from multiple lenders.

Consider talking to at least three lenders before choosing a mortgage so you can find the best deal with the lowest closing costs. You can also ask a lender to match low closing costs offered elsewhere.

The Closing Disclosure form should be provided to you by the lender a minimum of three days prior to closing; the form will include all of the costs you will incur in connection with closing on your mortgage. This gives you ample time to ask questions and make sure that the form doesn't contain major changes from the deal you were offered on the Loan Estimate form that the lender previously supplied. Buyers should review this form with their attorney before signing off on it. They should also keep in mind that they have to sign off on the Closing Disclosure form with their lender before the closing can be scheduled.

When comparing the Loan Estimate form to the Closing Disclosure form, look for fees that seem repetitive or questionable, such as extra "processing" fees for items that should be covered in the overall cost. In addition, be sure you're not paying for a service that was not provided. For example, is your lender charging you a "courier" fee for documents that were actually emailed rather than delivered in person?

With the assistance of the new Know Before You Owe forms, a little care and due diligence, and some willingness to speak up for yourself, you can save on costs and be confident that you get a good deal. That's a great way to start a new phase of your life.

Pictured here:  Joseph Houlihan, managing partner at Houlihan & O'Malley. His office is at 133 Parkway Road in Bronxville and he can be reached at 914-337-7888 or on his cell at 914-645-6640 or by email at  This email address is being protected from spambots. You need JavaScript enabled to view it..

Photo courtesy Joseph Houlihan's office

Real Estate Directory

Bronxville Overview

Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a hospital (Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.

While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.

Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.

The Bronxville postal zone (10708, known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.

Real Estate Companies

Houlihan Lawrence
4 Valley Road Bronxville, New York 10708
914-337-0400

www.houlihanlawrence.com/offices/Bronxville
www.houlihanlawrence.com


Houlihan & O'Malley
133 Parkway Road Bronxville, New York 10708
914-337-7888

www.houlihanomalley.com


Julia B Fee Sotheby's International Realty
2 Park Place
Bronxville, NY 10708
914-620-8682

website


Park Sterling Realty
17 1/2 Park Place Bronxville, New York 10708
914-337-1234

https://www.parksterlingrealty.com/

Real Estate - Attorneys

Bertine, Hufnagel, Headley, Zeltner, Drummond & Dohn LLP

Established in 1929, Bertine, Hufnagel is "a general practice law firm, offering clients expertise in both individual and commercial matters." Their broad range of services include the following: Wills, Estate
Planning and Taxation, Probate and Estate Administration, Elder Law, Real Estate (commercial, residential, condominiums and cooperatives), Commercial Law and Transactions, Litigation and Banking Law.

700 White Plains Road
Suite 237
Scarsdale, New York 10583
(914) 472 7700
(914) 472 1946 (fax)
www.bertinehufnagel.com


Suzanne M. Bloomer
Wills, Trusts, Estates and Real Estate

85 Pondfield Road
Bronxville, New York 10708
914-337-0142
This email address is being protected from spambots. You need JavaScript enabled to view it.


George R. Mayer, Esq.
65 Pondfield Road #6 Bronxville, New York 10708
914-337-3033 (tel)
914-337-1038 (fax)
www.bronxvillelaw.com
This email address is being protected from spambots. You need JavaScript enabled to view it.


Griffin, Coogan, Sulzer & Horgan, P.C.

Attorneys and Counselors at Law

Located in Bronxville, New York, Griffin, Coogan, Sulzer & Horgan, P.C. takes great pride in providing our clients with comprehensive, high quality legal services in a responsive manner. The firm concentrates its practice in real estate law with a primary focus on issues relating to real estate tax litigation (also known as tax certiorari), real estate transactions, valuation law, real property taxation and tax planning and real property tax exemption matters throughout New York State.

The firm serves as general counsel for several local cooperatives and represents clients in various issues relating to wills, trusts and estate planning.

51 Pondfield Road
Bronxville, NY 10708
(914) 961-1300
This email address is being protected from spambots. You need JavaScript enabled to view it.

www.gcshlaw.com


Kim O'Toole, Esq.
80 Sagamore Road
914-961-6175 (tel)
914-337-3292 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.


Mary Anne O'Callahan, Esq.
32 Gramatan Court Bronxville, New York 10708
914-779-3558 (tel)
914-779-5182 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.


Nobile, Magarian & DiSalvo

We are hardworking and dedicated attorneys who, combined, have more than 150 years of experience delivering quality legal advice. Our cutting edge is our ability to enter both the conference room and the courtroom with strength. Our law firm provides legal representation and counsel for both individual and business clients on issues related to estate planning and administration, real estate law, litigation, and business law.  Our practice areas include: Commercial Litigation, Business Law, Real Estate, Wills, Estate Planning, Trusts, Estate Administration, Living Wills, Health Care Proxies, Powers of Attorney, Not For Profits, and Employment Law.

111 Kraft Avenue

Bronxville, NY 10708

914-337-6300

http://www.nmdlaw.com/


Veneruso, Curto, Schwartz & Curto, LLP

Veneruso, Curto, Schwartz & Curto is dedicated to providing businesses and individuals with exceptional legal services customized to each client's needs and objectives.  Practice areas include litigation, real estate, not for profit, wills and estate planning, land use and zoning, business and corporate, cooperative and condominium and real estate tax assessment litigation.

The Hudson Valley Bank Building

35 East Grassy Sprain Road, Suite 400

Yonkers, New York 10710

914-779-1100

http://www.vcsclaw.com/

Real Estate - Insurance Agents

Leslie Homer
71 North Avenue New Rochelle, New York 10801
914-632-8989
www.homerinsurance.com
This email address is being protected from spambots. You need JavaScript enabled to view it.


John L. Vorbach Company, Inc. Insurance Brokers
Manhattan Media & Technology Center
65 Broadway, 9th Floor
New York, New York 10006
212-294-4900 x 112
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.vorbach.com


Linda Graef Jones, Private Client Sales Executive
Personal Risk Management Solutions
Focuses solely on personal insurance and
provides unique, customized solutions that save
money and time and create peace of mind.

6 East 43rd Street
New York, New York 10017
914-645-3951
This email address is being protected from spambots. You need JavaScript enabled to view it.

www.theprmspromise.com


Palmer-Tanno Agency, Inc.
Independent Insurance Agents since 1948

Greg Tanno
141 Parkway Road, Suite #11
Bronxville, New York 10708
914-793-6603
This email address is being protected from spambots. You need JavaScript enabled to view it.


Ranieri Insurance Agency
Auto, Home, Business & Life
Over 50 Years' Experience

Paul D. Ranieri, CPCU
457 Palmer Road
Yonkers, NY
914-376-2560
This email address is being protected from spambots. You need JavaScript enabled to view it.


Rollins
Insurance and Risk Management Solutions
Since 1910
65 Main Street
Tuckahoe, New York 10707

914-337-1833
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.rollinsinsurance.com

Decorators and Interior Design

Edwin Gemes, Ltd.

Bronxville
914-779-7580
This email address is being protected from spambots. You need JavaScript enabled to view it.


Madeline Eckett Oden Interiors

61 Beechmont Avenue
Bronxville, New York 10708
914-779-3935
This email address is being protected from spambots. You need JavaScript enabled to view it.


Jane Mitchell

9 The Byway
914-337-1216


Samuel Botero Associates, Inc.

215 East 58th Street
Suite 6B
New York, New York 10022
212-935-5155
www.botero.com


Sandra Steele Schneider Interiors

70 Burkewood Road
Mount Vernon, New York 10552
914-668-4468
This email address is being protected from spambots. You need JavaScript enabled to view it.


Serendipity Interior Design, LLC

Catherine Wyner
203-846-0809 or 203-637-9266


Shannon Interiors LTD.

Kelly Shannon Jelensperger, President
81 Pondfield Road #344
Bronxville, New York 10708
914-793-1629 (O)
914-953-7584 (C)
914-793-2195 (F)
This email address is being protected from spambots. You need JavaScript enabled to view it.

Design Professionals

Architects


Dean Davis

2 Park Place
Bronxville, New York
914-961-5953


Michael Davis

435 Hudson Street, 8th Floor
New York, New York 10014
212-645-6066
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.michaeldavisarchitects.com


Charles Hilton

Hilton Vanderhorn Associates
31 East Elm Street
Greenwich, Ct. 06830
203-862-9011 (tel) 203-862-9196 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.hilton-vanderhorn.com


Scott Koniecko Architects

80 8th Avenue
Suite 1600
New York, New York 10011
212-620-3924 (tel)
212-620-7640 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.


Maggie Marrone Architects

914-771-6750
This email address is being protected from spambots. You need JavaScript enabled to view it.


Peter Pennoyer Architects

432 Park Avenue South, 11th Floor
New York, New York 10016
212-779-9765
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ppapc.com


Radoslav Opacic Architects

24 N. Astor
Irvington, New York 10533
914-591-4306 (tel)914-591-4308 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.opacicarchitects.com


Landscape Architects


Renee Byers, Landscape Architect P.C.

10 Avon Road
Bronxville, New York 10708
914-337-3103
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.reneebyers.com


Engineers


Civil Engineer
Brett Auerhahn P.E.
914-961-2242

Home Maintenance and Improvement

Chimney Sweep


Egan Chimney Sweeps

845-628-8515


Electric


Keating Electric & Technologies

115 Wall Street
Valhalla, New York 10595
914-747-9294
www.keatingelectric.com


Lippolis Electric

445 5th Avenue
Pelham, New York 10803
914-738-3550


James A. Stone

96 Congress Street
Harrison, New York 10528
914-835-0447


White Electric, Inc.

128 Fulton Street
White Plains, New York
914-946-5566
www.whiteelectric.com


 

General Contractors

Vincent Franco
R-Men Contracting
179 Summerfield Street
Scarsdale, New York 10583
914-472-7007 (tel) 914-472-0451 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.


Arthur Lange Inc.

841 Tuckahoe Road
P.O. Box 993
Bronxville, New York 10708
914-337-4422 (tel) 914-395-0471 (fax)
www.arthurlangeinc.com


Heating & Cooling


Absolute Comfort & Temperature Control Inc.

Mr. Paul Gomprecht, President
914-761-0529
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.Absolutecomfortcontrol.com


Richards Conditioning Corp.

70 Marbledale Road
Tuckahoe, New York 10707
914-337-0300


Besson Oil Inc.

140 Marbledale Road
Tuckahoe, New York 10707
914-779-0008


Iron Work


Debra Coddington

Arrowsmith Forge
3788 Rte 44
Millbrook, New York
845-677-5687
www.arrowsmithforge.com


Locksmith


LMC Safe, Lock & Key

Luigi M. Cattzia II
914-241-1583


Painters


All Colors Painting Co.

69 Delaware Road
Yonkers, New York 10710
(Johnnie & Joey)
914-964-9148


Mateus Neto Painting Co.

95 Chase Avenue
Yonkers, New York 10703
914-965-9561


Pick up and take away


Robert Rabsey
914-954-4366


Technical Help


Computer, Network & Internet Services

Gerry McLoughlin
914-337-7084
www.GerryMcL.com
Computer Tutor @ PCI
914-337-1700
www.computertutorpci.com


Geeks on Wheels

Dylan Hall
Harrison, New York
914-562-1800
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.geeks-on-wheels.net


The Computer Nerds, Inc.

PO Box 31
Bronxville, New York 10708
914-779-7952
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.thecomputernerdsinc.com


TV & Steroes


AV Design

130 East Main Street
Elmsford, New York 10523

Landscape Design and Maintenance

Design


Maureen Hackett

Hackett Landscape Design Inc.
212-768-4242 and 917-494-8084


Renee Byers, Landscape Architech P.C.

10 Avon Road
Bronxville, New York 10708
914-337-3103
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.reneebyers.com


Maintenance


Frank Bulfamonte & Sons, Inc.

914-235-1835
26 Circuit Road
New Rochelle, New York 10805
914-235-1835


Land Productions Inc.

360 Adams Street
Bedford Hills, New York
914-666-8214


Lieb's Nursery & Garden Center

1 Askins Place
New Rochelle, New York 10801
914-632-5599


Florists


Tryforos and Pernice

73 Pondfield Road
Bronxville, New York
914-337-2525


Plants & Nurseries

Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599


Rosedale Nurseries

51 Saw Mill River Road, Route 9A
Hawthorne, New York 10532-1598
914-769-1300
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.rosedalenurseries.com


Sprainbrook Nursery, Inc.

448 Underhill Road
Scarsdale, New York 10583
914-723-2382
www.sprainbrook.com

Real Estate Recent Articles

Newsletter

Sign Up For Our Newsletter

MyhometownBroxnville reserves the right to monitor and remove all comments. For more information on Posting Rules, please review our Rules and Terms of Use, both of which govern the use and access of this site. Thank you.

The information presented here is for informational purposes only. While every effort has been made to present accurate information, myhometownBronxville, LLC, does not in any way accept responsibility for the accuracy of or consequences from the use of this information herein. We urge all users to independently confirm any information provided herein and consult with an appropriate professional concerning any material issue of fact or law. The views and opinions expressed by the writers, event organizers and advertisers do not necessarily represent those of myhometownBronxville, LLC, its officers, staff or contributors. The use of this website is governed by the Terms of Use . No portion of this publication may be reproduced or redistributed, either in whole or part, without the express written consent of the publisher.

Copyright © 2009 myhometownbronxville.com, All rights reserved.