New York has second highest closing costs in the nation

According to Bankrate.com, New York State had the second highest average closing costs in the nation at $2,560. The survey did not include title insurance, transfer tax, mortgage recording tax, or other government taxes or fees, which drive closing costs higher. High closing costs are the main hurdle for many first-time buyers in New York, which is why NYSAR has proposed the NY First Home program. The program would create a new savings account to help first-time buyers save to cover these costs. To find more information and support increased homebuying in New York, visit nyfirsthome.com.