| SALES PRICE: | $295,000 |
| LOAN TERM: | 30 years |
| PRODUCT: | Fixed Rate |
Loan Terms |
Can this amount increase after closing? |
|
Loan Amount |
$289,656 |
NO |
Interest Rate |
5.125% |
NO |
Monthly Principal & Interest |
$1,577.14 |
NO |
Does the loan have these features? |
||
Prepayment Penalty |
NO
|
|
Balloon Payment |
NO |
Projected Payments |
|||||||||||||
Payment Calculation |
Years 1-30 |
Years |
|||||||||||
Payment Calculation |
$1,577.14 |
$ |
|||||||||||
Mortgage Insurance |
+ 201.64 |
+ |
|||||||||||
Estimate Escrow |
+ $692.26 |
+ |
|||||||||||
Estimated Total |
$2,471.04 |
$ |
|||||||||||
Estimated Taxes, Insurance |
|
||||||||||||
Costs at Closing |
||
Estimated Closing Costs |
$20,483 |
Includes $15,188 in Loan Costs + $5,295 in Other Costs – $0.00 in Lender Credits. See page 2 for details. |
Estimated Cash to Close |
$12,876 |
Includes Closing Costs. See Calculating Cash to Close on page 2 for details. |
Projected Payments |
||
A. Origination Charges |
$5,445 |
|
1.811 % Loan Origination (Points) |
$5,245 |
|
Lender Document Attorney Preparation Fee |
$200 |
|
Other Costs |
||
E. Taxes and Other Government Fees |
$125 |
|
Recording Fees and Other Taxes |
$125 |
|
Transfer Taxes |
||
F. Prepaids |
$2,743 |
|
Homeowner’s Insurance Premium ( 12 months) |
$2,700 |
|
Mortgage Insurance Premium ( months) |
||
Prepaid Interest ($43.25 / day for 1 days @ 5.125 %) |
$43.25 |
|
PropertyTaxes ( months) |
||
B. Services You Cannot Shop For |
$6,347 |
|
Appraisal Fee |
$670 |
|
Credit Report Fee |
$95 |
|
Contract Processing Fee |
$500 |
|
Flood Certification |
$15 |
|
Tax Service Fee |
$85 |
|
Up-Front Mortgage Insurance Premium |
$4,982 |
|
G. Initial Escrow Payment at Closing |
$2,077 |
|
Homeowner’s Insurance $225 per month for 3 mo. |
$675 |
|
Mortgage Insurance per month for 0 mo. |
||
Property Taxes $467.26 per month for 3 mo. |
$1,402 |
|
H. Other |
$350 |
|
HOA Transfer Fees |
$250 |
|
Owner Title Policy |
$100 |
|
I. TOTAL OTHER COSTS(E+F+G+H) |
$5,295 |
|
C. Services You Can Shop For |
$3,396 |
|
Survey Fee |
$550 |
|
Title - Lender's Title Insurance |
$2,211 |
|
Title - Settlement/Escrow Fee |
$550 |
|
Title - Tax Certificate Fee |
$85 |
|
J. TOTAL CLOSING COSTS |
$20,483 |
|
D + I |
$20,483 |
|
Lender Credits |
||
Calculating Cash to Close |
||
Total Closing Costs (J) |
$20,483 |
|
Closing Costs Financed (Paid from your Loan Amount) |
-$4,982 |
|
Down Payment/Funds from Borrower |
$10,325 |
|
Deposit (1% of Purchase Contract) |
-$2,950 |
|
Funds for Borrower |
$0.00 |
|
Seller Credits |
-$10,000 |
|
Adjustments and Other Credits |
$0.00 |
|
Estimated Cash to Close |
$12,876 |
|
D. TOTAL LOAN COSTS (A + B + C) |
$15,188 |
|
My wife and I were able to purchase our first home thanks to the team at Clear Lending. It was a condo so it was not an easy process at all due to all the paperwork needed, however the team worked around the clock and we were able to close a couple of days ago. I should mention also that my wife and I are both on work visas here in the states and to find a bank that is willing to offer a mortgage without requiring 20% down payment is a huge relief. We are really really grateful, thank you, Joan and team. On a last note- a big THANK YOU to Patricia who was extremely helpful and friendly throughout this process.
I cant thank enough this company for helping me achieve my dream house. I applied with my bank and to my disbelief I was told my credit was an issue and after searching online a lender offering loans for not so good credit I found them. Thanks so much to Joan and Patricia for working so hard. I can't thank you enough. I will send you all my family!!!
Thank you Mr. Joan for the excellent job getting us approved. My wife and I are very pleased with Clear Lending and the staff. From application to closing it has been a smooth process. I am happy I decided to apply after reading all the good reviews. I will recommend your company to anyone seeking a hard working loan officer and real estate agent.