What are closing costs for a home purchase in NY State?

• Closing costs are an unavoidable financial obligation for a home buyer and fluctuate based on the purchase price.
• Closing costs are comprised of the title insurance premium and the service fees for ancillary reports, surveys, endorsements, recording and courier charges required to execute the home purchase transaction. (This does not include any additional taxes assessed by the state, legal fees, mortgage related closing costs, mortgage taxes, etc.)

Why should I now be interested in learning more about title insurance and closing costs?

• Historically, a metropolitan NY home buyer has had little financial incentive to ‘shop’ for title insurance as the premium rates that have been approved by NY state law have been uniform throughout the industry.
• Houlihan Lawrence believes a shift in the title insurance market place is underway, and through a unique alliance with its underwriter¹, Thoroughbred Title Services, a Houlihan Lawrence affiliate, is now able to make title insurance available to its home purchasers at a 10% savings (unavailable through other title agencies).
• In addition, this affiliation enables Thoroughbred Title Services to offer other closing service fees at an additional 5 – 16% savings.

How much does title insurance cost?

• Title insurance premium rates are filed with the State and are based on the purchase price and mortgage amount of the home.
• Most recently, in an unprecedented move, one title insurance company, EnTitle Insurance Company, initiated a request with New York State for a 10% reduction in premium rates, which Thoroughbred Title Services will pass on directly to their customer. These rates are available in Westchester, Putnam and Dutchess Counties ONLY through a unique relationship between EnTitle Insurance Company and Thoroughbred Title Services, an affiliate of Houlihan Lawrence.
• Our online rate calculator can help you understand the costs involved in your transaction or you can contact Thoroughbred Title Services today for a quote customized just for you.

¹EnTitle Insurance Company is an A’ prime (unsurpassed) rated insurance underwriter (according to Demotech, the leader in title insurance company ratings), with over 30 years of underwriting experience and licensed in 35 states and the District of Columbia.