Median Total Costs
$6,400
−4.2% vs national ($6,680)
↓ $40 vs prior year
Median Rate
6.500%
+0.1% vs national (6.490%)
Median Origination
$1,865
Purchase Originations
93,742
Denial Rate
8.5%
vs national avg (9.0%)
New York is a judicial foreclosure state, meaning lenders must obtain a court judgment before foreclosing on a property. This process can take considerably longer than non-judicial states, sometimes spanning one to several years. New York uses mortgage instruments rather than deeds of trust. It is an attorney state: a licensed attorney must be present at closing and conduct the closing on behalf of buyers and/or sellers, adding attorney fees to the cost structure. New York imposes a mortgage recording tax, which varies by county and loan amount — New York City rates differ from upstate counties. Transfer taxes are also layered: the state imposes a basic transfer tax, and New York City adds its own mansion tax on purchases above $1 million. Title insurance rates in New York are promulgated by the state Department of Financial Services, meaning insurers must charge filed rates rather than competing freely on price. Prepayment penalties on most residential mortgages are restricted under state law. The New York State Department of Financial Services (DFS) serves as the primary consumer protection and mortgage licensing regulator.
Conventional loans dominate New York's purchase market by a wide margin, accounting for 84.4% of originations (77,380 loans) at a median rate of 6.625%. FHA loans are the second most common at 11.6% of volume (10,637 originations), reflecting demand in urban and first-time-buyer segments. VA loans represent 3.7% of originations (3,386 loans), a modest share consistent with New York's relatively limited concentration of active-duty military installations compared to Southern or mid-Atlantic states. USDA loans account for just 0.3% (232 originations), reflecting the predominantly urban and suburban character of most New York housing markets.
Premium Mortgage Corporation
A Rochester-based lender with a concentrated focus on New York state originations, Premium Mortgage Corporation ranked third in New York purchase volume in the HMDA 2024 data with 4,311 originations and a median total closing cost of $4,022 — among the lower figures in the top-five set.
Homestead Funding Corp.
An Albany-headquartered lender operating primarily across New York and neighboring states, Homestead Funding Corp. placed fifth in New York purchase volume with 3,311 originations and a median total closing cost of $4,218, reflecting a regionally focused footprint.
JPMorgan Chase Bank, National Association
Chase maintains a significant retail branch and mortgage presence throughout New York state, ranking second by purchase volume with 5,286 originations and a median total closing cost of $6,208, close to the statewide HMDA median.
| Loan type | Volume | Median Rate | Median Total Costs |
|---|---|---|---|
| conventional | 79,498 | 6.500% | $5,974 |
| fha | 10,381 | 6.375% | $12,366 |
| va | 3,638 | 6.250% | $6,593 |
| usda | 225 | 6.375% | $6,212 |
Ranked by median total loan costs among lenders with 50+ purchase originations in New York.
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $0 | 7.250% | $0 | 1,604 | −$6,400 | |
| 2 | $0 | 5.875% | $0 | 203 | −$6,400 | |
| 3 | $2,723 | 6.250% | $0 | 64 | −$3,677 | |
| 4 | $2,980 | 6.500% | $675 | 95 | −$3,420 | |
| 5 | $3,056 | 6.500% | $433 | 632 | −$3,344 | |
| 6 | $3,191 | 6.500% | $745 | 128 | −$3,209 | |
| 7 | $3,229 | 6.250% | $400 | 114 | −$3,171 | |
| 8 | $3,326 | 6.500% | $595 | 123 | −$3,074 | |
| 9 | $3,514 | 6.375% | $1,075 | 91 | −$2,886 | |
| 10 | $3,600 | 6.500% | $845 | 536 | −$2,800 | |
| 11 | $3,602 | 6.375% | $1,694 | 604 | −$2,798 | |
| 12 | $3,674 | 5.875% | $840 | 91 | −$2,726 | |
| 13 | $3,765 | 6.500% | $675 | 120 | −$2,635 | |
| 14 | $3,770 | 6.500% | $995 | 580 | −$2,630 | |
| 15 | $3,773 | 6.500% | $1,225 | 59 | −$2,627 | |
| 16 | $3,778 | 6.625% | $1,954 | 634 | −$2,622 | |
| 17 | $3,807 | 6.125% | $299 | 587 | −$2,593 | |
| 18 | $3,842 | 6.500% | $219 | 91 | −$2,558 | |
| 19 | $3,885 | 6.375% | $813 | 407 | −$2,515 | |
| 20 | $3,973 | 6.500% | $1,200 | 319 | −$2,427 | |
| 21 | $4,023 | 6.125% | $790 | 2,023 | −$2,377 | |
| 22 | $4,044 | 6.250% | $1,100 | 502 | −$2,356 | |
| 23 | $4,051 | 6.125% | $0 | 216 | −$2,349 | |
| 24 | $4,063 | 6.500% | $2,158 | 227 | −$2,337 | |
| 25 | $4,068 | 6.250% | $1,995 | 185 | −$2,332 |
Includes lenders with 50+ purchase originations in New York. Source: HMDA 2025. Sorted by median total loan costs.
New York closing costs are shaped by several state-specific line items that buyers should anticipate. Attorney fees are mandatory and non-negotiable as a category, though rates vary by attorney. Mortgage recording taxes and transfer taxes add meaningful costs that are largely fixed by jurisdiction rather than negotiable between lenders. Title insurance premiums are promulgated, so shopping title insurers on price has limited upside, though endorsement packages can vary. The most practical area for cost comparison is lender origination fees and third-party service charges such as appraisal and settlement services. FHA loans carry significantly higher total costs in the HMDA data, driven in part by upfront mortgage insurance premiums. Buyers comparing loan types should model total costs, not just interest rates, before committing to a product.
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Grades A–F from verified closing disclosure and loan estimate uploads — not industry medians.
Suffolk County
10,211 originations
Nassau County
7,789 originations
Erie County
6,917 originations
Queens County
6,897 originations
Westchester County
6,069 originations
Monroe County
5,840 originations
Kings County
5,439 originations
New York County
4,318 originations
Onondaga County
3,167 originations
Orange County
2,529 originations
Richmond County
2,414 originations
Albany County
2,109 originations
Rockland County
1,874 originations
Dutchess County
1,871 originations
Saratoga County
1,849 originations
Bronx County
1,610 originations
Niagara County
1,580 originations
Oneida County
1,417 originations
Schenectady County
1,347 originations
Rensselaer County
1,150 originations
Broome County
1,053 originations
Ulster County
982 originations
Jefferson County
896 originations
Putnam County
837 originations
Ontario County
792 originations
Oswego County
721 originations
Wayne County
678 originations
Chautauqua County
677 originations
Chemung County
618 originations
Steuben County
596 originations
Tompkins County
501 originations
Washington County
475 originations
Madison County
464 originations
Clinton County
455 originations
Warren County
438 originations
Cayuga County
427 originations
Sullivan County
398 originations
St. Lawrence County
383 originations
Cattaraugus County
374 originations
Columbia County
360 originations
Genesee County
358 originations
Livingston County
356 originations
Fulton County
356 originations
Herkimer County
348 originations
Montgomery County
340 originations
Otsego County
302 originations
Tioga County
296 originations
Greene County
296 originations
Orleans County
263 originations
Wyoming County
258 originations
Chenango County
257 originations
Cortland County
253 originations
Allegany County
214 originations
Schoharie County
214 originations
Essex County
202 originations
Delaware County
181 originations
Seneca County
175 originations
Franklin County
171 originations
Lewis County
138 originations
Yates County
120 originations
See New York closing cost details, fee benchmarks, and county comparisons → New York Closing Costs Guide
Found your lender? Make sure their quote is fair.
HMDA data shows industry-wide medians. Your actual quote may differ. Upload your Closing Disclosure or Loan Estimate to see exactly where your fees stand — and get a ready-to-send negotiation email.
Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.