SALES PRICE: | $180,000 |
LOAN TERM: | 15 years |
PRODUCT: | Fixed Rate |
Loan Terms |
Can this amount increase after closing? |
|
Loan Amount |
$162,000 |
NO |
Interest Rate |
3.875% |
NO |
Monthly Principal & Interest |
$761.78 |
NO |
Does the loan have these features? |
||
Prepayment Penalty |
NO • As high as $3,240 if you pay off the loan during the first 2 years |
|
Balloon Payment |
NO |
Projected Payments |
|||||||||||||
Payment Calculation |
Years 1-7 |
Years 8-30 |
|||||||||||
Payment Calculation |
$761.78 |
$761.78 |
|||||||||||
Mortgage Insurance |
+ 82 |
+ __ |
|||||||||||
Estimate Escrow |
+ 206 |
+ 206 |
|||||||||||
Estimated Total |
$1,050 |
$968 |
|||||||||||
Estimated Taxes, Insurance |
|
Costs at Closing |
||
Estimated Closing Costs |
$8,054 |
Includes $5,672 in Loan Costs + $2,382 in Other Costs – $0 in Lender Credits. See page 2 for details. |
Estimated Cash to Close |
$16,054 |
Includes Closing Costs. See Calculating Cash to Close on page 2 for details. |
Projected Payments |
||
A. Origination Charges |
$1,802 |
|
.25 % of Loan Amount (Points) |
$405 |
|
Application Fee |
$300 |
|
Underwriting Fee |
$1,097 |
|
Other Costs |
||
E. Taxes and Other Government Fees |
$85 |
|
Recording Fees and Other Taxes |
$85 |
|
Transfer Taxes |
||
F. Prepaids |
$867 |
|
Homeowner’s Insurance Premium ( 6 months) |
$605 |
|
Mortgage Insurance Premium ( months) |
||
Prepaid Interest ( $17.44 per day for 15 days @ 3.875%) |
$262 |
|
PropertyTaxes ( months) |
B. Services You Cannot Shop For |
$672 |
|
Appraisal Fee |
$405 |
|
Credit Report Fee |
$30 |
|
Flood Determination Fee |
$20 |
|
Flood Monitoring Fee |
$32 |
|
Tax Monitoring Fee |
$75 |
|
Tax Status Research Fee |
$110 |
|
G. Initial Escrow Payment at Closing |
$413 |
|
Homeowner’s Insurance $100.83 per month for 23mo. |
$202 |
|
Mortgage Insurance per month for 0 mo. |
||
Property Taxes $105.30 per month for 2 mo. |
$211 |
|
H. Other |
$1,017 |
|
Title – Owner’s Title Policy (optional) |
$1,017 |
|
I. TOTAL OTHER COSTS(E+F+G+H) |
$2,382 |
C. Services You Can Shop For |
$3,198 |
|
Pest Inspection Fee |
$135 |
|
Survey Fee |
$65 |
|
Title – Insurance Binder |
$700 |
|
Title – Lender’s Title Policy |
$535 |
|
Title – Settlement Agent Fee |
$502 |
|
Title – Title Search |
$1,261 |
|
J. TOTAL CLOSING COSTS |
$8,054 |
|
D + I |
$8,054 |
|
Lender Credits |
Calculating Cash to Close |
||
Total Closing Costs (J) |
$8,054 |
|
Closing Costs Financed (Paid from your Loan Amount) |
$0 |
|
Down Payment/Funds from Borrower |
$18,000 |
|
Deposit |
-$10,000 |
|
Funds for Borrower |
$0 |
|
Seller Credits |
$0 |
|
Adjustments and Other Credits |
$0 |
|
Estimated Cash to Close |
$16,054 |
D. TOTAL LOAN COSTS (A + B + C) |
$5,672 |
Hola
Joan is the first loan officer we worked with, however, we were lucky we found him as we saved so much time. Although house presented some handicaps, he took care of everything. He knows what to do after so many years of experince. If you are planning to buy a house, I advise to submit a loan application and soon will enjoy your new home!
Thank you Joan for your time and efforts!
Joan Gallardo and his team have been great help in the home buying process. They go above and beyond to ensure all questions are answered and all due dates are met. I would highly recommend clear lending to any future home buyer.