Home Buying in 11215>Question Details

Chik-Sum Gong, Home Buyer in Brooklyn, NY

what are the closing cost for condos under 500k?

Asked by Chik-Sum Gong, Brooklyn, NY Wed Oct 26, 2011

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Dear Chik Sum Gong:

Your closing costs will vary based on the bank you go to for the loan and your qualifications. You need to speak to a mortgage banker(s) and get your self pre-qualified to determine how much you can borrow, what interest rate you will receive and how much the closing costs will be.

Often times a lender may be willing to lower the interest rate if you pay points up-front. A point is 1% of the loan amount. Usually 1 point will give you a interest rate reduction of about a quarter of a percent. By doing this you add another 1% to your closing costs, but if you plan on owning the house for a long time, you will save money in the long run.

I usually tell buyers that a good rule of thumb to use when figuring closing costs would be to take 5% of the actual loan amount. That is usually a good estimate, but it can vary greatly depending upon your personal qualifications.

Hence, talk to a mortgage banker and you will get the best answer to your question. 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 Wed Oct 26, 2011
I would need to know in what borough and what is the amount of the mortgage to give you a GFE of closing costs.
0 votes Thank Flag Link Wed Oct 26, 2011
The best possible way to get a # is is calculate $4 for every $1000 of the purchase price. Then you have your attorney fees which will be under $2000. Here is a link that will be very helpful to you. If yuo copy paste it to the address bar it will open a closing cost sheet. If you have any questions feel free to contact me.

P:\BROKERS\1My Webs\myweb12\Agreements Forms Letters Reference\Reference\Closing Costs May 2011.pdf
0 votes Thank Flag Link Wed Oct 26, 2011
Hi Chik
if its used - figure approximately 6% of the selling price. If its brand new construction than its approximately
10%

madelinepadovano@fillmore.com
0 votes Thank Flag Link Wed Oct 26, 2011
hi this question depend where this condo is in N,Y.it could be 4 to 5 % depending what time of the month you are closing thanks A.F.
0 votes Thank Flag Link Wed Oct 26, 2011
As a safety net, take about 4-6% from the purchase price and you're looking at what you'll expect to pay in closing costs from any transaction, yet remember that each transaction is different which may warrant more or less in payments.
0 votes Thank Flag Link Wed Oct 26, 2011
For a good picture of costs, ask your loan officer for a good faith estimate; one can expect to pay any mortgage associated fees, attorney fees, title fees, recording fees, insurance fees, etc.
0 votes Thank Flag Link Wed Oct 26, 2011
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