When you want to get out of the city….weighing your options

FAIRFIELD COUNTY CT Versus WESTCHESTER COUNTY NY

First weigh the closing costs
Big secret – no mansion tax in Connecticut

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	ESTIMATED CLOSING COSTS*
FAIRFIELD		WESTCHESTER

$1,040	ORIGINATION FEE	$1,040
$50	CREDIT REPORT	$50
$1,500	APPRAISAL (2 IF NECESSARY)	$1,500
$1,200	SETTLEMENT/CLOSING ATTORNEY**	$1,200
OPTIONAL	PERSONAL REPRESENTATION ATTORNEY**	$850
$350	TITLE SEARCH/EXAM	$350
$2,666	OWNER’S TITLE INSURANCE	$8,168
$4,165	LENDER’S TITLE INSURANCE	$1,662
N/A	MORTGAGE TAX	$15,720
N/A	MANSION TAX	$20,000
$350	RECORDING FEES	$400
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$11,121		$50,690
* THESE ESTIMATED CLOSING COSTS ARE SUBJECT TO CHANGE
DEPENDING ON THE SPECIFIC PROPERTY – FOR EXAMPLE, LOCATION
PROPERTY TYPE, MORTGAGE PRODUCT AND THE SERVICE PROVIDERS
FOR YOUR TRNASACTION
THE ABOVE ESTIMATED CLOSING COSTS ARE IN ADDITION TO RE-
QUIRED PREPAID ITEMS INCLUDING UP TO 30 DAYS OF INTEREST,
ESCROW DEPOSITS FOR REAL ESTATE TAXES, HAZARD INSURANCE
(IF APPLICABLE) AND THE REQUIRED PAYMENT OF THE FIRST YEAR
PREMIUM FOR INSURANCES PRIOR TO THE CLOSING. PREPAID
ITEMS ARE VARIABLE BASED ON THE SPECIFIC PREOPERTY AND
INTEREST RATE.
** THE SETTLEMENT/CLOSING ATTORNEY REPRESENTS THE LENDER
IN CONNECTICUT THE SETTLEMENT/C;OSING ATTORNEY FREQUENTLY
REPRESENTS THE BOROWER AND THE LENDER. IN NY THE SETTELMENT
CLOSING ATTORNEY WILL NOT REPRESENT THE BORROWER. RATHER
THE BORROWER WILL HAVE SEPARATE PERSONAL REPRESENTATION. ______________________________________________________________ TIP #2 – TAXES ARE MUCH LOWER IN FAIRFIELD COUNTY CT VERSUS WESTCHESTER COUNTY NY – MILL RATES VARY IN CT FROM 8.5+ TO 9+. IN WESTCHESTER COUNTY THEY VARY BETWEEN ROUGHLY 17 AND 19. HUGE MILL RATES ARE CALCULATED BY 1000’S IN VALUE OF APPRAISAL – SO FOR THE EXAMPLE BELOW 299 ROUND HILL RD – ASSESSMENT IS $3,295,950 (WHICH IS BASED ON CURRENT MARKET VALUE – TAKING IN MANY VARIABLES – AND IS DONE BY AN INDEPENDENT APPRAISER) SO THE MILL RATE IS MULTIPLIED BY THE ASSESSMENT IN 1000’S. Mill rates are based on the municipality debt which is divided among property owners – and let’s face it – debt is not going away any time soon. ___________________________________________