Westchester Mortgage Recording Tax Calculator

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Mortgage Recording Tax

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Buying? Estimate your closing costs using Hauseit’s Interactive Westchester Buyer Closing Cost Calculator.

How much is the Mortgage Recording Tax in Westchester?

The Mortgage Recording Tax in Westchester is 1.3% of your loan size. Yonkers has a higher Mortgage Recording Tax rate of 1.8%. If you’re paying cash, you do not have to pay any Mortgage Recording Tax.

Institutional lenders typically contribute 0.25% towards the Mortgage Recording Tax. This means that the effective Mortgage Recording Tax rate in Westchester is 1.05% of your loan size as opposed to 1.3%. Similarly, the actual Mortgage Recording Tax rate paid by purchasers in Yonkers is 1.55% as opposed to the headline rate of 1.8%.

In addition to the Mortgage Recording Tax, buyers in Westchester must also pay a mortgage recording fee which is around $200. The title insurance company which typically handles the recording of both the mortgage and the deed normally adds a recording service fee of around $50 on top of the recording fee itself.

How to avoid the Westchester Mortgage Recording Tax

You can reduce or eliminate the Mortgage Recording Tax when buying in Westchester by requesting a buyer agent commission rebate from Hauseit. Rebates are a legal and non-taxable way to reduce your buyer closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process. While there’s no way to avoid the Mortgage Recording Tax per se, you can offset some or all of this closing cost by working with Hauseit.

How much are buyer closing costs in Westchester?

Buyer closing costs in Westchester are roughly 3% if you’re financing and 2% if you’re paying cash. Westchester buyer closing costs are lower than in NYC.

The largest buyer closing costs in Westchester include the Mansion Tax, the Mortgage Recording Tax and title insurance. Additional Westchester buyer closing costs include attorney fees, lender fees if you’re financing, survey and inspection fees, recording fees and building fees if you’re purchasing a condo or co-op.

You can reduce your closing costs by requesting a Hauseit Buyer Closing Credit.

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