/realLI: Hot posts from our daily blog

NY HAS THE HIGHEST CLOSING COST

New York State has the highest closing cost in the nation this year, according to an annual study by Bankrate.com, which tracks lending rates.

The average closing cost on a $200,000 loan was $5,623 - $2,015 in lender fees and $3,608 in title, appraisal, legal and other third-party fees, excluding mortgage taxes, data show. The state was second in last year's study, but it has overtaken Texas.

New York's closing costs have traditionally been high for three main reasons, says Warren Goldberg, a mortgage planner with Blackstone Mortgage Corp., a Woodbury-based mortgage broker. With housing costs high, the bigger the loan, the bigger the mortgage tax, he says. In closings here, attorneys represent lenders and borrowers, unlike other states, where real estate agents prepare the contracts and other work.

"Even though the cost in New York State may be higher . . . that doesn't necessarily mean it's a bad thing," Goldberg says. "I've seen too many situations where people making purchases in other states , because they did not have the (legal) representation, wound up getting in trouble."- ELLEN YAN

INCENTIVES FOR HOME BUYERS

If the four-bedroom, two-bath Colonial in Central Islip, at right, catches your eye, you're in luck. The buyer of the house, which is listed for $259,900, will receive some gifts, including all furniture on the first floor as well as a 66-inch Hitachi television set, says listing agent James Andrews of Coldwell Banker Residential.

Bank of America owns a Wheatley Heights Colonial that's on the market for $340,900. If you decide to finance through the bank for the four-bedroom, 21/2-bath house, the bank will throw in some extras, including a free appraisal, a free title search and free title insurance, says listing agent Barry Moran of Green Acre Investment Corp., who estimates the value at about $2,300.

For the buyer who offers the full $299,999 asking price for a certain Lake Grove ranch, the owner will pay a full point toward the mortgage. "You can get a lower interest rate if you pay off a point," says Jennifer Gonis of Coldwell Banker Residential, who is listing the two-bedroom, two-bath home.- VALERIE KELLOGG