Newbies Mortgage Thread

[BJKill]

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?

[NewbietoFinance]

 

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

[BJKill]

 

 

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%.

[NewbietoFinance]

We don't have a state income tax either, our sales is around 8.25%. The property tax rates differ around town, based on the schools, MUD (Municipal Utility District ) etc. I have seen as high as 3.8% around here. it's 2.8 where I am moving to.

[Brian B The Loan Professor]

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

[NewbietoFinance]

Home Inspection complete. Some issues found with pool, Renegotiating begins!

[UNI4790]

Congrats and thanks for sharing. Living vicariously through you until we can apply on 6/29/15

[NewbietoFinance]

Full Pool inspection tomorrow, the Saga continues.

[NewbietoFinance]

Oh! Mortgage processor has my info now... let the request for documents flood BEGIN!

[NewbietoFinance]

Full pool inspection recommends 9k in repairs... Re-offer on table for seller.

[NewbietoFinance]

I am ready to kill the seller, or walk away... They countered with only a 5k decrease in asking, and pulling 3k away from concessions. F That.

[NewbietoFinance]

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!

[NewbietoFinance]

All docs submitted... Appraisal ordered... Employment verification ordered... Nothing for me but waiting now... That sucks.

[NewbietoFinance]

Appraisal scheduled for tomorrow morning...

[NewbietoFinance]

Waiting is horrible.

[NewbietoFinance]

Contact by Title company today.... That disclosure on taxes, will that be what they use to setup Escrow for the next year?

[NewbietoFinance]

Anyone know?

[tiggerlgh]

What disclosure? The bank will run an escrow analysis to determine the taxes due and cushion (if any) to determine your escrow payment.

[NewbietoFinance]

TAX CERTIFICATE PROCESSING SOLUTIONS, INC. TA7 2000 BERING DR STE 1000, 10TH FL HOUSTON, TX 77057 713-244-2863 FAX: 713-244-2897

 

 

"Summary of all accounts"

 

 

Seems to show all the taxes that were due in 2014

[tiggerlgh]

They might outsource their analysis. All banks do it slightly different. So my guess is yes they will use that to determine the escrow payment amount needed.

[NewbietoFinance]

Cool, about 1k less than the realtor website guessed.

[NewbietoFinance]

Annnd, Appraisal came back 10k under sales price.

[Brian B The Loan Professor]

Annnd, Appraisal came back 10k under sales price.

Fun - more negotiating

[NewbietoFinance]

Why is the appraisal a last step in the process. Based on todays events, we have to go back to negotiating. Wouldn't it make more sense to appraise, then inspect, then make offers based on facts, rather than guesses at values and repairs?

[Brian B The Loan Professor]

From a lenders perspective it is the first step