THE LOAN PROCESS

Learn the general steps involved in getting a new mortgage, from start to finish.

LOAN PROGRAMS

A brief description, including pros and cons, of the most popular loan programs in the marketplace.

CLOSING COSTS

Estimated closing costs on a typical loan transaction for a:

1-4 Family House
Co-operative
Condominium

GLOSSARY OF TERMS

A compilation of common mortgage-related phrases/terms and their definitions.

F.A.Q.

The most Frequently Asked Questions relating to mortgage and their detailed answers.

Closing Costs

Estimated Closing Costs For a Co-operative

Please contact one of our experienced Loan Officers to discuss any questions you may have.

Name Description Cost
Appraisal Fee Cost for obtaining a formal appraisal report for your property $300 - $1,000 depending on property value
Underwriting/Processing Fee Fee charged by the lender to review and process your application $300 - $600
Application Fee Fee charged by Universal Mortgage at the time of application $350
Settlement/Closing Agent Fee Fee charged by the bank attorney or closing agent to fund and close your loan $500 - $800
Lien Search Fee Fee for running a search to determine if there are liens on the property $250 - $350
UCC-1 Filing Fee Fee for filing your mortgage with the county $70 -$100
Mansion Tax (only applies for properties sold for over $1 million and only in certain states) State tax for properties sold over $1 million 1% of purchase price
 
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Licensed Mortgage Banker - NYS Banking Dept
Correspondent Mortgage Lender- FL Dept Fncl Svc
Registered Mortgage Broker - NJ Deptof Banking
455 First Street
Brooklyn, NY 11215
5 Penn Plaza, 23rd Fl.
New York, NY 10001
(212) 768-0025
(212) 768-0027 fax