Im planning on purchasing a condo in either Brooklyn of Queens. I've rented before now I'm looking to own.

Asked by Dd3d, 11419 Sun Jun 6, 2010

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Fajardo Delacruz’s answer
Fajardo Dela…, Agent, Flushing, NY
Mon Jun 7, 2010
Dd3d
That is a great step that you are taking. Most boards ask for 10% of the purchase price and you will need to also cover your closing costs, lender fess and title fees. Sometimes a lender may allow you to roll the lenders fees, title fees and other closing costs into the mortgage of the home.

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Fajardo Delacruz
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Anna M Brocco, Agent, Williston Park, NY
Mon Jun 7, 2010
Your first step if you haven't done so yet, is to visit with any qualified loan officer(s), see exactly what your budget can handle and have your credit score checked--their scoring is often different--ask for a mortgage pre-qualification/approval letter--you will need if and when you do make offers; then go from there. Condo costs will vary depending on location, size, condition, HOA fees, etc.
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Dd3d, Home Buyer, 11419
Sun Jun 6, 2010
Whats the expected cost and payments be for for the initial sale. Currently I'm at good standing with my credit and would like to purchase something , max at 300k. Thanks for any help.
0 votes
Dd3d,
Sorry for the late response, here are the details to you question:
Closing cost re broken down into 4 areas:
Lenders Fees: are what the lenders charges to originate, underwrite, process and close the loan
Title & Attorney Fees: What the Title company charges for title search, recordings and applicable State and City Taxes
Escrow: normally about 3 to 5 months worth of your taxes and insurance being deposited into an account to pay your taxes and insurance when they come due.
Discount Points: This is used to buy down the rate to give you a lower payment, I only recommend this under two or three scenarios.

The exact amount of these fees is hard to say because it is affected by the following factors:
Purchase Price
Loan Amount
Taxes
Property Type
Attorney and Title Co. you hire

The range could be between 5-6% of the purchase price, depending on property type and taxes.
Co-ops closing cost are different and can range from about $3,000 to $6,000, depending on price and Co-Op f
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