Homebuyers know and stats show that closing costs you a ton in New York - NY Daily News:
This study shows just one of the myriad ways that New York State is the highest taxed state in the country. If you want to buy a property - you have to pay tax on the mortgage that you take. Even on a refinance, it's sometimes required.
However, mortgage recording tax is not required on co-op mortgages, which significantly lowers the closing costs associated with co-ops. So when you're putting that pesky board package together for the co-op you've decided to buy, just think about how much money you're saving - up to 1.9% of the mortgage amount!
'via Blog this'