Home Buying in Brooklyn>Question Details

slick14life, Home Buyer in Brooklyn, NY

Hey, looking for a straight forward answer on this one. Any1 could tell me a solid avg for closing cost on a condo in Brooklyn NY.

Asked by slick14life, Brooklyn, NY Sat Sep 22, 2012

Estimate purchase price is 300,000. Thinking bout wells fargo conventional 30 yr mortgage.

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Answers

6
Good afternoon,

Closing costs for a Condo purchase of a RESALE Condo (NOT new construction) will average 4% to 4.5% of the purchase price assuming you get a No Points loan.

If you are purchasing a new construction property then your closing costs will be higher because you are required to pay the Builder's closing costs.

Your Loan Officer and/or Attorney can give you a more solid estimate based on the purchase price and mortgage amount.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Thu Oct 4, 2012
Hi Slick14life

Until actual closing we all estimate about 5% to include all of the costs on a used CONDO...
if it is new construction, you are the first buyer we estimate 8% because they always want you
to pay all or part of the developers closing costs. Sorry there just is not any more straight forward
answer that the ones that have already been given to you. good luck
madelinepadovano@fillmore.com
0 votes Thank Flag Link Sun Sep 23, 2012
Good question but no good answer.... You will only get an estimate because your closing cost day to day because of the amount the tax bill may be due, the amount of escrow you will need to deposit and other cost that are tallied at tat the closing. You will also need to pay any judgements that show up that you may not know about. Be patient and understanding at the closing. Your attorney will dismiss any charges that may not belong to you and try to keep your closing cost at mimum... Closing cost are not written in stone and no one can give you an exact amount . .. Good Luck and Have a good attorney represent you who specializes in real estate and that can give you good advice and answers all your questions. If your primary language is not English then find an attorney that speaks your language so you can understand what is going on in the transaction.. Good luck... George
0 votes Thank Flag Link Sun Sep 23, 2012
Dear slick14life:

As a rough estimate I like to use 5% of the mortgage amount. Closing costs for buyers include items such as the appraisal, credit reporting fee, mortgage tax, survey, title report and title insurance, bank attorney and several others. If you are using a down payment of less than 20% you will also have to pay Private Mortgage Insurance (not included in the 5%, speak to your lender about this if you are going less than 20% down).

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Sep 22, 2012
I know i could ask the loan offiicer. what im asking for here thou is just a estimate
0 votes Thank Flag Link Sat Sep 22, 2012
Your loan officer, and or attorney, can give you a straight forward answer by providing you with a good faith estimate as it relates to you; therefore ask either party the question....
0 votes Thank Flag Link Sat Sep 22, 2012
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