ADW, Home Buyer in Queens, NY

Closing cost for a Co-op in Jackson Heights or Sunnyside?

Asked by ADW, Queens, NY Thu Jan 10, 2013

Hello, I'm looking to buy a co-op in Jackson Heights (or Sunnyside). I'm trying to budget for closing cost. Would would be a general range in closing cost for the following:

$200k-300K Co-Op
Good Credit
20% down

I'm also a freelancer, which I realize can complicate applications. Is $5,000 in closing cost an unrealistically low number? Is 10k more realistic? Thanks.

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Answers

5
Your total closing costs on a co-op is approximately 3% .This includes your attorney fees to represent you.
0 votes Thank Flag Link Wed Apr 17, 2013
In general terms, I usually use the figure of "6% of the loan amount" for closing costs. Of course, your loan officer will be the best person to give you the breakdown and details.
0 votes Thank Flag Link Sat Apr 13, 2013
Thank you Ruth and Anna. I realize a loan officer would be the best person to speak with, but I'm at an early stage and still just trying to put together a total budget (downpayment, closing cost, moving cost, etc). Thank you.
0 votes Thank Flag Link Fri Jan 11, 2013
be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
Flag Fri Jan 11, 2013
Hello Andrew to answer your question on a 300k Loan you are looking closer to 10k in closing cost... but if you need more info you should ask your Loan officer and he would be able to break it down for you. ...
0 votes Thank Flag Link Fri Jan 11, 2013
For an accurate picture of costs, ask your loan officer, and or attorney for a good faith estimate...
0 votes Thank Flag Link Fri Jan 11, 2013
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