|
Contact Doreen
Eubank, if you have any questions.
| The information provided below
reflects estimates of the charges which you are likely to incur at
the settlement of your loan. The fees listed are
estimates-actual charges may be more or less. Your transaction
may not involve a fee for every item listed. |
"Worksheet
Example for a Person with Not-So Excellent Credit" |
The Numbers listed beside the
estimates generally correspond to the numbered lines contained in
the HUD-1 settlement statement which you will be receiving at
settlement. The HUD-1 settlement statement will show you the
actual cost for items paid at the settlement. |
|
| Basic Mortgage Loan |
GOOD FAITH
ESTIMATE |
DATE: Today |
Other Company submits
their costs and pertinent information in this column. |
| CUSTOMER CODE #101 |
|
OUR STANDARD TERMS
AND FEES EXAMPLE |
OTHER COMPANY TERMS
AND FEES BID |
|
Always
ask!
|
QUESTION; How many days
will it take on an average closing? |
7 |
|
|
Always ask! |
QUESTION; What is the
"LOCK-IN" period? |
30 days |
|
|
Example of total
amount loan, $200,000.00
|
interest rate example: 8%
|
term: 360/360 months
|
|
|
800 |
ITEMS PAYABLE IN ADVANCE
IN CONNECTION WITH LOAN. |
The Projected Cost of Each
ITEM. |
|
|
801 |
Loan Originator Fee: 2% |
$ 4,000.00 |
|
|
802 |
Loan Discount |
0
|
|
|
803 |
Appraisal Fee |
$ 300.00 |
|
|
804 |
Credit Report |
$ 60.00 |
|
|
805 |
Lender's Inspection Fee |
|
|
|
808 |
Mortgage Broker Fee |
|
|
|
809 |
Tax Related Service Fee |
$ 81.00 |
|
|
810 |
Processing Fee |
$ 300.00 |
|
|
811 |
Underwriting Fee |
$ 400.00 |
|
|
812 |
Wire Transfer Fee |
$ 20.00 |
|
|
|
Courier Fee |
$ 20.00 |
|
| |
Flood Certificate |
$ 15.00
|
|
|
900 |
ITEMS REQUIRED BY LENDER TO BE
PAID IN ADVANCE: |
|
|
|
901 |
Interest for 5 days @ 8%=$ 44.44 |
$ 200.00 |
|
|
902 |
Mortgage Insurance Premium |
|
|
|
903 |
Hazard Insurance Premium |
$ 936.00 |
|
|
904 |
Tax and Assessment |
|
|
|
905 |
VA Funding Fee |
|
|
|
1000 |
RESERVES DEPOSITED WITH
LENDER: |
|
|
|
1001 |
Hazard Insurance premiums, 2 months
@ $78.00 per month |
$ 156.00 |
|
|
1002 |
Mortgage Insurance Premium Reserves |
|
|
|
1003 |
Taxes and Assessment Reserves, 6
months @ $175.00 per month |
$ 1,050.00 |
|
|
1100 |
TITLE CHARGES |
|
|
|
1101 |
Closing or Escrow Fee: |
$ 150.00 |
|
|
1102 |
Document Preparation Fee |
$ 75.00 |
|
|
1103 |
Notary Fees |
|
|
|
1104 |
Attorney Fees |
|
|
|
1105 |
Title Insurance |
$ 900.00 |
|
| |
Tax Certificate |
$ 20.00 |
|
|
|
Endorsements to title policy |
$ 182.00 |
|
|
1200 |
GOVERNMENT RECORDING &
TRANSFER CHARGES: |
|
|
|
1201 |
Recording Fees: |
$ 71.00 |
|
|
1202 |
City/County Tax/Stamps |
|
|
|
1203 |
StateTax/Stamps |
|
|
|
1300 |
ADDITIONAL SETTLEMENT CHARGES |
|
|
|
1301 |
Pest Inspection |
|
|
| TOTAL ESTIMATED SETTLEMENT CHARGES |
|
$ 4,603.00 |
|
| TOTAL ESTIMATED FUNDS
NEEDED TO CLOSE: |
$3,000.00
|
TOTAL ESTIMATED MONTHLY
PAYMENT: |
|
| Purchase Price/Payoff |
$200,000.00 |
Principal & Interest |
$ 1,467.53 |
| Loan Amount |
$200,000.00 |
Hazard Insurance |
$ 78.00 |
| Est. Prepaid Items/Reserve |
$ 1,966.00 |
Real Estate Taxes |
$ 175.00 |
| Amount Paid by Seller |
|
Mortgage Insurance |
|
| Total Est. Funds, NEEDED
TO CLOSE |
$ 195,397.00 |
TOTAL MONTHLY PAYMENT |
$ 1,720.53 |
Explanation of mortgage
loan charges:
801: fee charged for completing the loan
802: amount charged to buy down rate or
additional amount charged for services.
803: charges for appraisal
804: Charge to pull credit report
805: lenders charge for doing inspection
of property if required
808: charge that a mortgage broker can
charge for services
809: fee for pulling info on property
taxes
810: fee charged for processing all
required info to submit a loan package
811: fee charged by lender to underwrite
and approve loan for funding
812: fee charged for wiring funds at
closing of loan
901: interest charged to borrower for
however many days left in the month that borrower
is closing the loan
902: if mortgage insurance is required,
amount lender requires borrow to pre-pay
903: amount lender requires borrow to pay
for hazard insurance in advance
904: if there are taxes or any kind of
assessment to be paid on property before changing hands
905: fee charged by lender if it is a VA
loan to fund for whatever added expenses involved in getting VA approval
1001: amount that lender requires
borrower to have deposited with them for hazard insurance if they are
escrowing for insurance payment in borrowers monthly payment
1002: amount required by lender to have
deposited for monthly Mortgage insurance if required
1004: amount required by lender to have
deposited for property taxes that lender is escrowing for
1101: amount charged by Title Company or
closer to close the loan transaction
1105: amount charged by closer to prepare
required documentation
1106: notary charges if required
1107: attorney’s fee if required
1108: lenders cost for title insurance on
property
1201: charges for recording deed with
governmental agency
1202: charge, if required by any
city/county government agency
1203: charge, if required by any state
government agency
1302: charge, if required to have a pest
inspection on property by lender
To access
the URLA (1003) form, to download or print, please
click here.
"Always
Trust, but Always Certify the Mortgage Loan Worksheet First with a Company
Signature"
|