| CONDOS|

FINANCING YOUR CONDO
Condo Financing Available at Same
Low Rates for Single-Family Homes

Buying a condo is like a buying a single-family home that sits inside a building. You own the apartment plus a percentage of the building's common areas. \

Condo buildings have monthly "common charges" to cover building-wide services (management, door staff, plumbing, roofing, common walls) but these charges are usually much smaller than co-op maintenance charges.

Condo buildings have associations but they cannot veto sales or rentals-making condos very attractive to investors. Condos are usually more expensive than co-ops-there are fewer of them and there's a high demand. Lending banks are lenient about condo buildings-if you borrow 75% or less of the price of your condo, a lender won't review the building's finances, and all banks accept completed condo buildings that are 90% occupied. Since a condo is "real property", your loan is a mortgage secured by the apartment itself.

Closing costs are higher for condos than for co-ops…2% - 4% of the loan, as opposed to the flat $1500 closing cost for a co-op. Mortgages for condos carry about the same low rates as for single-family homes. Mortgage Of New York , as your partner, will find you the best rate for your specific needs…and you can lock it in when you apply for your loan.