What is the required deposit and closing cost?

Asked by N1kk1andy, Miami, FL Sat Nov 16, 2013

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Mitchell Fel…, Agent, Brooklyn, NY
Sat Nov 16, 2013
Dear N1kk1andy:

Closing costs usually will be approximately 5% of your mortgage loan amount. With co-ops you will also have some application fees. Also, most co-ops including this one require a 20% down payment. In addition to all of that, the bank and the co-op will probably want you to have some money left over in reserve after you make the purchase (like a rainy day fund!).

Hence, in order to purchase a co-op like this one, you would need about $35,000 to $40,000. If you need further assistance, please contact me direct.

Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
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