how much money do i need to buy a condo
Buying a condo allows you to wade into homeownership without plunging into the responsibilities of a single-family home. Before you buy a condo, ask the right questions to avoid making a mistake.
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· How Much Income Do You Need to Buy a House? | Del Mar Ca real estate blog home loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income.
10 year fixed mortgage calculator A 10-year fixed mortgage is a mortgage that has a specific, fixed rate of interest that does not change for 10 years. At the end of 10 years you will have paid off your mortgage completely. If you choose a 10-year fixed mortgage, your monthly payment will be the same every month for 10 years.fha home loan interest rates today Mortgages | Home Mortgage | Mortgages and Interest Rates. – The current rate for the 30-year fixed refinance mortgage is based on a $985 origination fee; 1.5 discount points and would yield 360 equal payments. The current rate for the 15-year fixed refinance mortgage is based on a $985 origination fee; 1.375 discount points and would yield 180 equal payments.
The biggest factor in determining how much money you need to buy a condo is the location. Condos in downtown Los Angeles, for example, have a median price of $620,000. This means half of all condos are less than $620,000 and half cost more. Condos in the Cleveland, Ohio, area have an average price of $168,544.
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Q: I know I’ll need a down payment of at least 20 percent, but I’ve heard that there are lots of extra costs that come along with buying an apartment, and some buildings require you to have extra cash on hand, too. How much money in the bank do I really need to buy a NYC apartment? "Most clients.
The housing market crash in the first decade of the 21st century took condominium properties down also. With many available on the market, buying one may be a good investment, but qualifying for a condo mortgage is complicated. Not only do you need good credit, but the building you’re buying into must be approved by.
To kick things off for Buyers Week, here is a rundown of some of the up-front costs associated with buying a home. Earnest Money Deposit After making an offer and coming to an agreement with the home seller, a buyer is generally expected to pay 1 to 3 percent of the purchase price immediately. This earnest money deposit is held until closing, when it becomes part of the down payment.
This is a complete guide to buying a co-op or condo apartment home in NYC — from choosing a good real estate agent and attorney, to getting a mortgage, finding the right building and apartment, negotiating the purchase, getting approved by a co-op board, and how to prepare for closing.