The down payment is only part of the cash you need at closing. Closing costs in New York typically run 2-5% of the purchase price, and surprises here derail more closings than rate changes do.
What you are paying for
Lender fees, the appraisal, title insurance and search, attorney fees, recording fees, and prepaid property taxes and insurance all land on the closing statement. New York also transfer-tax on the seller side, which shapes negotiation.
How to shrink them
Shop your lender – fees vary more than rates do. Ask about lender credits that lower closing costs in exchange for a slightly higher rate, and negotiate where the market allows. Your attorney can flag junk fees before they land.
Get a real estimate early, not the week of closing. Knowing your true all-in number is what lets you buy with confidence instead of anxiety.
