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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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
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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783