Vincenzo, Other/Just Looking in

in your morgage calculator

Asked by Vincenzo, Mon Nov 26, 2012

i see 3.55% for morg. and 1.3% of taxes and insurance, is this the local tax? if not where i find how to calculate the local taxes? best vm

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Elena Ravich,…, Agent, New York, NY
Tue Jan 29, 2013
If you are buying a condo your mortgage insurance tax and title insurance will be as follows:

Title Insurance
(Paid by buyer, condominium/townhouse only)
Approx. 0.5% - 0.8% of purchase price

Mortgage Taxjavascript:{}
(Paid by buyer, condominium/townhouses only, if financing )
Sales under $500,000 - 1.8% of entire mortgage
Sales over $500,000 -1.925% of entire mortgage
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Tue Dec 4, 2012
Are you looking at a co-op or condo? There is no mortgage tax on a co-op loan, and, in most cases, on a co-op your insurance is optional. The property taxes on the building when it comes to a co-op are included in your maintenance, you do not pay them on your own.
You may want to be a little more clear about what your question really is.
0 votes
Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Mon Nov 26, 2012
Are you trying to calculate the closing costs? Mortgage tax varies depending on the county, in NYC it is 1.8%
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0 votes
Hi Mark it means that in NY u pay 1.8% pa of the house value as local taxes? Best vincent
Flag Mon Nov 26, 2012
Hi Mark , it means that in NY the local taxes are 1.8% pa of the value of the house? Tx vincent
Flag Mon Nov 26, 2012
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