| |
|
Common Disbursements
|
| Lender Appraisal Fee |
|
|
|
|
|
$300.00 |
| Credit Report |
|
|
|
|
16.00 |
| Title Policy fee (lender policy only -
owner's policy is discretionary) |
|
|
250.00 |
| Endorsement & Flood Certification Fees
|
|
|
|
|
|
85.00 |
| Recording Fees |
|
|
110.00 |
| Tax Service Fee to Lender |
|
|
|
|
|
75.00 |
| Processing Fee |
|
250.00 |
| Loan Documents |
|
150.00 |
| Underwriting |
|
250.00 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Sub-total |
|
$1,486.00 |
| |
| Other Fees If
your down payment is less than 20% of the purchase price of the property,
the mortgage will require private or government mortgage insurance
depending on the type of loan. On government secured loans this will
result in an additional out-of-pocket expense of 1.50% of the mortgage
which is typically financed into the mortgage. Note: There is also
a monthly insurance premium, which is added to the mortgage payment.
This premium ranges from .32% of the mortgage value to .1.04% depending
on the size of down payment. |
$ Varies |
| |
| Property Tax Proration - Because
property tax billing is a minimum of 6 months in arrears you will
actually receive a credit at closing for taxes owed, but not yet billed.
Assuming 10 months this will reduce your cash requirements at closing
by about; yearly/12x10 |
$ Varies |
|
| |
| Mortgage Insurance Proration
- Between the date of closing and, typically, the first of the next
month you will be required to pay interest for the number of days
left in the month of closing. Assume loan amount x rate/365x15. |
$ Varies |
| |
| Home Owner's Insurance
- You will have to arrange for property insurance and pre-pay a one
year policy prior to closing. The annual rate for a basic policy is
approximately the sale price x 2.5% |
$ Varies |
| |
| Escrow Account
- If you use an escrow account to pay your taxes and insurance bills
when they come due your monthly mortgage payments will include a portion
for maintaining this escrow account. You will also have to fund the
initial establishment of the account. Assume $1.50 per $1,000 of sale
price + $85.00 |
$ Varies |
| |
| Other - If you
agreed to pay "points" to improve your payment terms you will have
$95,000 x (the points agreed) to due at closing |
$400.00 |
| |
