If you are considering the purchase of a condominium, you may wonder how much of a down payment you need to get a mortgage. Depending upon the lender and other factors, you will probably need somewhere between 3% and 20% down to buy a condo, with 10% being the most common for people with condo loans from conventional lenders.
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Buying a condominium, like buying any real estate, involves a cash investment. The amount of money you need to finalize a purchase contract depends on several factors, all based on the agreed upon.
Arlington VA real estate agent and Realtor Matt Leighton talks about 5 mistakes people are making when buying a condo. Subscribe for more real estate videos.
Considering a condo? Before buying, you'll want to use a mortgage calculator to determine your average monthly condo payments. This will.
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You pay this amount directly to the seller and in return, you have that much equity in your home at the time of purchase. For example, if you purchased a condo for $100,000, with a twenty percent down payment, you would pay $20,000 directly to the seller, and then you would need to obtain an $80,000 loan.
Closing costs will be much higher for a condo than a co-op.. title insurance: Owner's insurance is obtained only when you purchase a condo.