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Newbies Mortgage Thread

NewbietoFinance

By NewbietoFinance,
in Mortgages

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The last post in this topic was posted 3123 days ago. 

 

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BJKill

BJKill

Posted
Posted

Opinions?

 

Does this look right?

 

Terms

 

Estimate of Closing Costs

Purchase Price $249,000.00

Date of Estimate

01/22/2015

Loan Amount $244,489.00

Loan Type

- 30 Year FHA

Down Payment $8,715.00

Loan Purpose

Purchase

Interest Rate 3.500%

Property Type

Primary Home

Origination fee 0.000%

State

TEXAS

Discount Points 0.000%

County/City

Harris

Estimated Payments (PITI) $2,189.65

First Use of VA Entitlement?

N/A

 

Based upon the terms above, your total estimated closing costs are $13,073.54.

 

Hud 1 Line: The following estimates may vary if there are any changes to the terms reflected above.

 

800 - Lender Fees

Appraisal Fee $500

Credit Report $48

Flood Determination Fee $7.00

Tax Set-Up Fee $5.00

TX Attorney Review Fee $125.00

 

900 - Required By Lender to Be Paid in Advance

Prepaid Interest $632.99

Mtg Insurance Prem $4204.99

Hazard Insur Prem $2241.00

 

1000 - Reserves With Lender

1002 2 mos Hazard Insurance $373.50

1003 0 mos FHA Insurance $0

1005 6 mos County Property Taxes $3822.48

 

1100 - Title/Settlement Charges

Settlement Fee $835.00

Owner's Title Insurance $1694.00

Title Insurance $1664.57

Survey Fee $1000

 

1200 - Government Fees and Charges

Recording – Deed $150

 

1300 - Additional Settlement Charges

Pest Inspect Fee $100

 

Total without Escrow: $8,877.56

Escrow Total: $4,195.98

Total with Escrows: $13,073.54

1005 6 mos County Property Taxes $3822.48 ? This just can't be correct. $7600/year on a 250K house?

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NewbietoFinance

NewbietoFinance

Posted
  • Author
Posted

 

Opinions?

 

Does this look right?

 

Terms

 

Estimate of Closing Costs

Purchase Price $249,000.00

Date of Estimate

01/22/2015

Loan Amount $244,489.00

Loan Type

- 30 Year FHA

Down Payment $8,715.00

Loan Purpose

Purchase

Interest Rate 3.500%

Property Type

Primary Home

Origination fee 0.000%

State

TEXAS

Discount Points 0.000%

County/City

Harris

Estimated Payments (PITI) $2,189.65

First Use of VA Entitlement?

N/A

 

Based upon the terms above, your total estimated closing costs are $13,073.54.

 

Hud 1 Line: The following estimates may vary if there are any changes to the terms reflected above.

 

800 - Lender Fees

Appraisal Fee $500

Credit Report $48

Flood Determination Fee $7.00

Tax Set-Up Fee $5.00

TX Attorney Review Fee $125.00

 

900 - Required By Lender to Be Paid in Advance

Prepaid Interest $632.99

Mtg Insurance Prem $4204.99

Hazard Insur Prem $2241.00

 

1000 - Reserves With Lender

1002 2 mos Hazard Insurance $373.50

1003 0 mos FHA Insurance $0

1005 6 mos County Property Taxes $3822.48

 

1100 - Title/Settlement Charges

Settlement Fee $835.00

Owner's Title Insurance $1694.00

Title Insurance $1664.57

Survey Fee $1000

 

1200 - Government Fees and Charges

Recording – Deed $150

 

1300 - Additional Settlement Charges

Pest Inspect Fee $100

 

Total without Escrow: $8,877.56

Escrow Total: $4,195.98

Total with Escrows: $13,073.54

1005 6 mos County Property Taxes $3822.48 ? This just can't be correct. $7600/year on a 250K house?

 

Yeah, Reported taxes before exemption should be around $5400

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BJKill

BJKill

Posted
Posted

 

 

Opinions?

 

Does this look right?

 

Terms

 

Estimate of Closing Costs

Purchase Price $249,000.00

Date of Estimate

01/22/2015

Loan Amount $244,489.00

Loan Type

- 30 Year FHA

Down Payment $8,715.00

Loan Purpose

Purchase

Interest Rate 3.500%

Property Type

Primary Home

Origination fee 0.000%

State

TEXAS

Discount Points 0.000%

County/City

Harris

Estimated Payments (PITI) $2,189.65

First Use of VA Entitlement?

N/A

 

Based upon the terms above, your total estimated closing costs are $13,073.54.

 

Hud 1 Line: The following estimates may vary if there are any changes to the terms reflected above.

 

800 - Lender Fees

Appraisal Fee $500

Credit Report $48

Flood Determination Fee $7.00

Tax Set-Up Fee $5.00

TX Attorney Review Fee $125.00

 

900 - Required By Lender to Be Paid in Advance

Prepaid Interest $632.99

Mtg Insurance Prem $4204.99

Hazard Insur Prem $2241.00

 

1000 - Reserves With Lender

1002 2 mos Hazard Insurance $373.50

1003 0 mos FHA Insurance $0

1005 6 mos County Property Taxes $3822.48

 

1100 - Title/Settlement Charges

Settlement Fee $835.00

Owner's Title Insurance $1694.00

Title Insurance $1664.57

Survey Fee $1000

 

1200 - Government Fees and Charges

Recording – Deed $150

 

1300 - Additional Settlement Charges

Pest Inspect Fee $100

 

Total without Escrow: $8,877.56

Escrow Total: $4,195.98

Total with Escrows: $13,073.54

1005 6 mos County Property Taxes $3822.48 ? This just can't be correct. $7600/year on a 250K house?

 

Yeah, Reported taxes before exemption should be around $5400

 

Holy f*ck, Batman! That's crazy. I just looked up the tax rates for Houston and it's 2.94% of value. In Seattle it is 1% of value. We don't have a state income tax. Our sales tax is about 9.5%.

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Brian B The Loan Professor

Brian B The Loan Professor

Posted
Posted

Collecting for appraisal at the time it is ordered is typical - the appraisal gets paid upfront

$500 is a little high for a residential - usually 400-450

these days an appraisal management company takes about 1/3rd of that - there job is to be a middle man between the bank and the appraiser

 

Taxes and Texas - almost spelled the same too

when I first started I was shocked to find out how crazy high the taxes are

the difference I have learned is that the home prices are great

I have always wondered how much the high taxes impact the values - things are very stable there - they were while most of the country was crashing

The stricter laws goiverning cash out refis helped with some of that - Texans aren't allowed to use their homes as an ATM

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NewbietoFinance

NewbietoFinance

Posted
  • Author
Posted

Logic defeated emotion, countered, Counter accepted, down 17k from list, Seller is paying Closing (Concessions, whatever you want to call it) We are now officially pending.

 

Tomorrow Me and NFCU get down and funky with any additional docs needed.

 

I am potentially 1 month away from being a homeowner!

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