closing cost for cash vs financing

It's more like this:
1) $3,000 fixed cost for attorney and building/managing agent fees
plus
2) $3,000 fixed cost bank fees IF you get a mortgage
plus
3) 2% tax on the balance of a mortgage if you get one and if it's a condo (no fee on co-op)
plus
4) 1% mansion tax if place costs over $1m (does not apply here)

http://www.elliman.com/reports-and-guides/guides/new-york-city/closing-costs

An attorney could charge less than $3000.00. The last closing I was at, I was abletoget my buyers a very good attorney that charged $1500.00. And building,agent fees are usually small.

As far as bank fees go, there usually is an underwriting fee and bank attorney fee. This should come to about $1500.00. There's also an appraisal fee. But then there is lender's title insurance fees and owner's title insurance fees and recording fees which can come to depending on purchase price over $3000.00, these title fees don't apply to coops.

Then of course the city tax and mansion tax.

That said I would pay cash and try to get a better deal, then take a refinance.

Ellen Silverman
RealEstate Broker
Mortgage Broker
NMLS#60631
esfundingco@aol.com
www.esfunding.instantlender.com