if your just shopping around for mortgages to see the rates that's okay but if you really intend to
buy a property you need to pay and get a real mortgage anyways. The GFE will be an estimate , basically closing costs are approximately 6% of the sales price - when you are actually in contract,
or close to it, your initial meeting with your attorney, if we estimate it closer.
also, all closings, unless cash are generally 60 days. of course, every situation can be different,
depending on the property, and if its vacant, or the seller needs extra time, or you need extra time.
should you have any other questions please feel free to contact me. good luck
So you go to Bank of America, Citi, Chase or Wells Fargo and they'll probably give you slightly better rates and fees, BUT if you speak to Realtors and they'll be the 1st to tell you that these are some of the pickiest, slowest and unreliable lenders out there. Not that you wouldnt get a deal done, but because they operate with significantly large volume of loans in every state, they can pick and choose. Smaller companies can often provide better service because every loan matters and they depend on local business and referrals.
Not so say all smaller companies will be great, unfortunately there are some large and small companies who give us all a bad name. But I still wouldnt recomment for you to shop around for best #s, but rather shop for a reliable Loan Officer who can get the job done and educate you throughout tyhe entire process. Someone who will make this complicated process, and make it into something simple to do. Someone who actually communicates with you throughout the entire process, communicates with the Realtors, etc. Don't put yourself through a nightmare, because they charge you a couple hundred less in fees. Not worth it.
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
Application fees vary form bank to bank. Some banks will waive an application fee if you ask them to. Without filling out an actual application, the good faith estimate could be a little off as your qualifications and loan program will ultimately have an effect on how much your closing costs will be. If I can be of further assistance, please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783