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 |
Joan,
I would like to take a few minutes to thank you and your team. Although we had some unforeseen issues and it was a bit rocky your team stayed focused on the task at hand. Thank you for all that you did. We officially completed the closing.
Best Regards,
Daniel Guerrero
Joan, you are the man with miracle hands! I have really been enjoying my new home. It was a long time coming and it happened right on time. Thanks to you, this whole process was phenomenal. The closing went smooth with no problems. I appreciate the professionalism, the hard work, and the late hours. I would highly recommend your services. Again, thank for everything!
I can't thank enough clear lending for the amazing service I received since I applied online. I really felt everyone involved in the process had plenty of experience plus loved the fact not only have helped me with the loan approval but also the home search. This has been my third home purchase and working with someone who not only gets you approved but also can help on the home search has been priceless. One stop shop with plenty of excperience. Thanks to all for such a smooth process.