Quote:
Originally Posted by MrTudo
Wow! Way high........
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You're right MrTudo, My bad
Probably around 3%?
30-Year Fixed Rate
Loan Amount $225,000
Interest Rate 6.250%
Points 0.750%
Principal & Interest Payment $1,385.36
Taxes & Insurance Payment $364.58
Mortgage Insurance Payment $97.50
Total Monthly Payment $1,847.45
Estimated Closing Costs
Processing/Document Prep/Underwriting Fees $700.00
Points ($) for the loan selected $1,687.50
Total Countrywide Fees $2,387.50
Third Party Fees $3,163.87
Estimated Prepaid Items (Interest & Insurance) $1,367.19
Estimated Escrow Account Funds $729.17
Total Estimated Closing Costs $7,647.72
Down Payment $25,000.00
Total Cash Required to Close $32,647.72
Points & Processing Fees
HUD# Amount
0802 Points ( 0.0075 * 225000) $1,687.50
Discount Points vary based on loan product and amount. To reduce your costs, you may decide to select an interest rate with fewer discount points. At , once your rate is locked in, it is guaranteed not to go up!
0821 Document Preparation $250.00
0809 Processing $450.00
These fees represent our cost of processing, underwriting, and closing your loan. We guarantee that this amount will not increase.
Total Fees
$2,387.50
Third Party Fees
HUD# Paid To Amount
0819 Courier/Exp Mail Lender Third Party $40.00
1107 Escrow/Attorney Third Party $115.00
0811 Flood Check Third Party $26.00
1201 Recording Third Party $70.00
1301 Survey Third Party $270.00
0810 Tax Service Third Party $70.00
1302 Termite Report Third Party $70.00
0804 Credit Report Credit Bureau $35.00
0803 Appraisal Appraiser $315.00
1203 Mortgage Tax Closing Agent $1,237.50
1102 Abstract/Title Title Agent $95.00
1103 Title Exam Title Agent $50.00
1109 Title Insurance Title Agent $645.37
1113 Title Insurance Endorsements Title Agent $125.00
Title Company and Attorney Fees are determined by the property state and the company you choose to use, so we can only provide you with an estimate at this time. This represents the lender's policy only. In some states an owner's policy is also required or may be negotiated between buyer and seller.
Total Third Party Fees
$3,163.87
Prepaid Items
Prepaids represent funds for the initial payment of interest on your loan. Prepaid interest varies depending on which day of the month you close. It covers the interest that accrues on your loan from your closing date until the last day of the month. Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly.
You will also need to provide the initial premium for your homeowner's insurance policy. In some cases this may include flood, earthquake or other insurance coverage as well. Countrywide may be able to assist you in obtaining a competitive quote through affiliated insurance companies.
901 Prepaid Interest (est. 3 days) $117.19
903 Homeowner's Insurance $1,250.00
Total Estimated Prepaids
$1,367.19
Escrow Account Funds
An escrow account may be required to cover the future payments for items like homeowner's insurance and property taxes. They do not represent fees; instead, they establish the funds needed to properly service your loan. These costs will be the same regardless of the lender you choose.
Note: As taxes are due at various times, the deposit needed for taxes may vary from 2 to 8 months. If you are purchasing your home, the seller may be responsible for a portion of these taxes.
1001 Homeowner's Insurance(2 months) $208.33
1002 Mortgage Insurance(0 months) $0.00
1004 Taxes(est. 2 months) $520.83
Total Estimated Escrow Costs $729.17