Linda, Home Buyer in 11971

How do you calculate approximate closing costs on a second home mortgage of $150,000 in Palm Beach Gardens,?

Asked by Linda, 11971 Wed Nov 14, 2007

Florida? Is there a formula such as perecentage of the sale?

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Manny Reynal…, Agent, Boca Raton, FL
Wed Nov 14, 2007
Hi Linda,
Are you refering to a second mortgage on a home that already has a first mortgage?
Manny Reynaldo, PA,CIPS,TRC
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Cheryl Hale, , Mortgage Broker in Boca Raton
Mon Nov 19, 2007
First of all, as was mentioned in an earlier answer - are you referring to a second mortgage on an existing home, or a new mortgage on a second home? Closing costs differ somewhat for the two.
There really is no formula such as percentage of sale. I will be happy to break down the closing costs for you once I know what type of mortgage we are talking about.
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Herman Chang, Agent, Palm Beach Gardens, FL
Wed Nov 14, 2007
Well this will depend. If the bank is charging points this will need to be factored in. You also have to add up the title insurance, taxes and closing costs charged by title co.
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Myke Atwater, Agent, Santa Rosa Beach, FL
Wed Nov 14, 2007
The very best way to do that is to ask any mortgage company or bank--all you have to do is tell them what your insurance, price of house, and taxes are on the property (if you know), and they have software in their computer to do it quickly and pretty accurately. Also, most realtors know how to do this as well, so you can ask a good realtor as well--it's that simple, and that quick--most professional mortgage officers and realtors are happy to assist you with such information.
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