Closing fees & Mortgages

We are looking into purchasing a house that would cost us $ 235, 000 after our down payment, which is not more than 20% of the purchase price of the house. What could I expect our closing costs to be??

Also, any recommendations on where to shop for home mortgages?

Any other advice is always appreciated.

TIA
Erica

Re: Closing fees & Mortgages

I suggest continental Home Loans. I would say to expect them to be anywhere from 3-5% of the mortgage!!!

Re: Closing fees & Mortgages

Thanks anyone else have any recommendations?

Re: Closing fees & Mortgages

We used Wells Fargo and our closing costs are only about 3.5%. Got a great interest rate locked in too.

Re: Closing fees & Mortgages

U.S. Mortgage Corp. (formerly Mortgage Concepts) is really good. They have their underwriters look at everything first, so anything that needs to be addressed can be. Most mortgage lenders have it sit in processing first, and then the underwriters look at it last, but really, the underwriters have the final say. U.S. Mortgage Corp. can give very quick mortgage commitments because they have the underwriters take the first look. Also, they are family-owned and very customer service oriented. When other large banks have failed to be able to close deals in the past, we've had customers turn to U.S. Mortgage Corp. with great success. They are a regional company (based on LI), but expanding nationally.

I have also had good experiences with Robert Bram of GFI (in Melville).

If you are looking to meet with a mortgage broker, Compass (Chris Gonzalez or Suzanne Maisch) is great.

We always tell buyers to prepare for 6% in closing costs. That is on the high end, but better to be prepared for the worst case, imo!

Message edited 4/29/2011 11:43:45 AM.