CONSTRUCTION LOAN: | $766,550 |
CONSTRUCTION TERM: | 30 years |
PRODUCT: | Fixed Rate |
Loan Terms |
Can this amount increase after closing? |
|
Loan Amount |
$766,550 |
NO |
Interest Rate |
7.250% + 0.75% |
NO |
Monthly Principal & Interest |
$5,110.33 |
YES |
Does the loan have these features? |
||
Prepayment Penalty |
NO
|
|
Balloon Payment |
NO |
Projected Payments |
|||||||||||||
Payment Calculation |
Years 1 |
Years 2 - 30 |
|||||||||||
Payment Calculation |
$5,110.33 |
$5,229.22 |
|||||||||||
Mortgage Insurance |
+ __ |
+ __ |
|||||||||||
Estimate Escrow |
+ 570 |
+ 570 |
|||||||||||
Estimated Total |
$5,680 |
$5,799 |
|||||||||||
Estimated Taxes, Insurance |
|
Costs at Closing |
||
Estimated Closing Costs |
$17,584 |
Includes $14,282 in Loan Costs + $3,302 in Other Costs – $0 in Lender Credits. See page 2 for details. |
Estimated Cash to Close |
$95,556 |
Includes Closing Costs. See Calculating Cash to Close on page 2 for details. |
Projected Payments |
||
A. Origination Charges |
$10,025 |
|
1 % of Loan Amount (Points) |
$7,665 |
|
Document Review Fee |
$85 |
|
Loan Origination Fee |
$1,000 |
|
Transaction Fee |
$575 |
|
Warehouse Fee |
700 |
|
Other Costs |
||
E. Taxes and Other Government Fees |
$125 |
|
Recording Fees and Other Taxes |
$125 |
|
Transfer Taxes |
||
F. Prepaids |
$1,292 |
|
Homeowner’s Insurance Premium ( 12 months) |
$1,140 |
|
Mortgage Insurance Premium ( months) |
||
Prepaid Interest ($152.26 / day for 1 days @ 7.25%) |
$152 |
|
PropertyTaxes ( months) |
B. Services You Cannot Shop For |
$1,394 |
|
Appraisal Fee |
$1,000 |
|
Contract Processing Fee |
$500 |
|
Credit Report |
$50 |
|
Document Preparation Fee |
$500 |
|
Flood Certification |
$6 |
|
Tax Service Fee |
$69 |
|
G. Initial Escrow Payment at Closing |
$1,710 |
|
Homeowner’s Insurance $85 per month for 3 mo. |
$255 |
|
Mortgage Insurance per month for 0 mo. |
||
Property Taxes $475 per month for 3 mo. |
$1,425 |
|
H. Other |
$175 |
|
HOA Transfer Fees |
$175 |
|
I. TOTAL OTHER COSTS(E+F+G+H) |
$3,302 |
C. Services You Can Shop For |
$2,863 |
|
Survey Fee |
$1,375 |
|
Title - Lender's Title Insurance |
$2,041 |
|
Title - Settlement/Escrow Fee |
$350 |
|
Title - Tax Certificate Fee |
$66 |
|
J. TOTAL CLOSING COSTS |
$17,584 |
|
D + I |
$17,584 |
|
Lender Credits |
Calculating Cash to Close |
||
Total Closing Costs (J) |
$17,584 |
|
Closing Costs Financed (Paid from your Loan Amount) |
$0.00 |
|
Down Payment/Funds from Borrower |
$85,172 |
|
Deposit |
-$7,200 |
|
Funds for Borrower |
$0 |
|
Seller Credits |
$0.00 |
|
Adjustments and Other Credits |
$0.00 |
|
Estimated Cash to Close |
$95,556 |
D. TOTAL LOAN COSTS (A + B + C) |
$14,282 |
Clear Lending went above and beyond to explain the process from application to closing and see us through to the end. These people are really committed. Even coming in on a day off. Joan was amazing and cant thank him enough. Thanks for making my dream come true.
Aplique con varios bancos pero sin credito, trabajo por mi cuenta mis opciones eran limitadas. Pero Clear lending me ayudo a conseguir un loan con mis estados de cuenta de banco me guiaron en cada paso. Gracias por toda su ayuda.
Joan Gallardo, Elena, and the rest of the team at Clear Lending really impressed me from the beginning! They are the most honest, ethical, humble, and hardworking team I have ever come across. They are the true experts in the home mortgage/ lending industry. I met Joan after being jerked around by Quicken Loans for 2 months. Quicken tried to screw me over so bad with fees thinking I was not going to read any documents. They are pure scum! I was days away from closing when Quicken told me "Not everyone can afford a home". Then I called and spoke with Joan and within an hour, he told me that a home purchase was definitely doable. Being a first time home buyer, I was very nervous about the whole process, and more so having to go through it a second time. However, Joan worked tirelessly, like I've never seen before. He explained everything to me in detail and always answered when I called; something that is very important in my eyes. There was never any gimmicks, just truth. He was always optimistic even when I was down and feeling hopeless. The exceptional service that Joan and Clear Lending provided me was just beyond what words can explain. They definitely think of every single option before giving any glimpse of negativity. Clear Lending was able to get my debt to income approved and the bank to approve my loan; All in 1 month! One major hurdle that Joan assisted me with was with my employment. The day of my closing, I got word that I was laid off. I thought the deal was dead and I was going to lose all the money I had already put down. It was one of the worst possible things that could happen. I had given up! I had no hope! I could not close on that day, but Joan went as far as speaking with the bank, and seller's realtor to extend the contract. Once extended, I was blessed enough to find another job (same industry) the very next week and with a strong Verification of Employment, I was able to close on my home AND with a low interest rate that no one else can beat! I truly feel blessed to have worked with Joan and Clear Lending. Joan and the rest of the staff wholeheartedly care about their clients. I would not think twice about referring Joan and Clear Lending to anyone. I will forever remember the hard work and dedication Joan provided to me. With gratitude and so much appreciation, I want to thank everyone at Clear Lending. I am officially a home owner! And it's all because of your outstanding work ethic.