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1100 TITLE CHARGES
$ 300.00 Closing or Escrow Fee
$ 150.00 Document Preparation
$ 1,418.00 Title Insurance
$ 225.00 Title Insurance Endorsement
$ 65.00 Title Tax Cert
$ 30.00 Courier/Express Mail
1200 GOVERNMENT RECORDING & TRANSFER CHARGES
$ 120.00 Recording Fees
$ 9,536.27 TOTAL ESTIMATED BORROWER SETTLEMENT CHARGES
TOTAL ESTIMATED FUNDS NEEDED TO CLOSE:
$ 4,786.33 Estimated Closing Costs
$ 4,749.94 Estimated Prepaid Items/Reserves
$ (2,779.00) Financed PMI/Funding
$6,757.27 TOTAL
TOTAL ESTIMATED MONTHLY PAYMENT
$1,067.89 Principal and Interest
$388.42 Taxes
$76.74 Mortgage Insurance
$1,533.05 TOTAL MONTHLY PAYMENT
If she has locked in her rate, but has not signed any paperwork, does she have the option to choose another mortgage lender? She has already paid for the appraisal but it has not been done yet. Thanks in advance for the guidance.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,848,852 times
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5.5% is about standard for a FHA loan today. However it should not cost a 0.25% discount point to get that 5.5%. The UFMIP is standard as well. Title insurance seem high to me, but different locations incur different charges and being that it is a third party fee the LO absolutely cannot upcharge that. It's possible that the LO is quoting high on the costs so there are no surprises.
She is not obligated to any lender until she signs the closing package (not recission on a purchase). If this is a refinance then she will actually have until 3 business days after signing to rescind.
1100 TITLE CHARGES
$ 300.00 Closing or Escrow Fee
$ 150.00 Document Preparation
$ 1,418.00 Title Insurance
$ 225.00 Title Insurance Endorsement
$ 65.00 Title Tax Cert
$ 30.00 Courier/Express Mail
1200 GOVERNMENT RECORDING & TRANSFER CHARGES
$ 120.00 Recording Fees
$ 9,536.27 TOTAL ESTIMATED BORROWER SETTLEMENT CHARGES
TOTAL ESTIMATED FUNDS NEEDED TO CLOSE:
$ 4,786.33 Estimated Closing Costs
$ 4,749.94 Estimated Prepaid Items/Reserves
$ (2,779.00) Financed PMI/Funding
$6,757.27 TOTAL
TOTAL ESTIMATED MONTHLY PAYMENT
$1,067.89 Principal and Interest
$388.42 Taxes
$76.74 Mortgage Insurance
$1,533.05 TOTAL MONTHLY PAYMENT
If she has locked in her rate, but has not signed any paperwork, does she have the option to choose another mortgage lender? She has already paid for the appraisal but it has not been done yet. Thanks in advance for the guidance.
K
She of course always has the option to go with another lender. Even if she had signed paperwork, its never a "done deal" until you close. Looking at the fees, expenses and accruals that you have listed, they seem to be right in line with the costs here in Houston.
I did not see the HO insurance in there anywhere or, since it is Houston, Flood insurance (a must for this area). It appears this will be going the escrow route so I would expect to see those in there unless they were included somehow w/the taxes.
Did your friend get a survey and pay for it seperately? I would always recommend a survey be done as well.
i got a 5.0 rate with half a point and my credit isnt great, im in houston
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