Manhattan Condo Financing: When purchasing a home don't forget that banks are looking at how much money you have left in your bank accounts.
In selling Manhattan Condos, many times we get caught up in what is the highest purchase price we will entertain.
Manhattan Condo Financing means that the banks are also looking at how much money do you have in your accounts after you make the down payment and pay all the closing costs. You will see that some of the best rates offered are tied to banks who might want to see 18 months of your mortgage payments and common charges and real estate in the bank if you are looking to purchase a condo.
Or bank might request 15% or 25% or greater of your mortgage in the banks. So If your mortgage is $600,000 they might want to see 15% or $90,000 in your bank accounts. If you have retirement accounts the banks will look at those assets. They will count 70% of those monies towards this requirement. Debra K. Bedell Loan Officer Preferred Empire Mortgage Co. firstname.lastname@example.org
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*Manhattan Condo Financing Must Know* was first published on www.Manhattan-Condo-Living.com*
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.