Once they determine what price you approve for and what your loan amount would be, ask them to give you a Good Faith Estimate (GFI) with closing costs based on the higher loan amount you qualify for. This way you have the higher number (somewhat of the worst case scenario).
If you're in need of a dependable Loan Officer, I'm always available to meet at our Brooklyn offices. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
To get a rough estimate, use 6% of the mortgage amount. But this is not an accurate number. The best thing to do is to speak with a mortgage lender and get more accurate numbers.
Feel free to contact me with any mortgage related questions you might have.
Best of Luck to you!
Sr. Mortgage Specialist
Equity Loans, LLC
Usually closing costs on a typical deal are about 5% of the loan amount. An FHA type mortgage would be up to 6%.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783