Re-Financing Home Loan
or Metro Denver, Colorado Mortgage Loan Programs
The purpose of this WEB
SITE, is for the person that is searching for a competitive HOME LOAN,
or the RE-FINANCING of the Home Loan, to access a
"ROAD-MAP", to make a better decision, before any final
Mortgage Loan decision is made!
Good Faith
Estimate (an example only)
-
Total Loan Amount: $
150,000.00 (all mortgage costs prepaid)
-
Total Loan Amount: $
154,430.41 (All mortgage costs paid by loan)
-
Interest Rate: 7.250%
-
Type of Loan:
Conventional 30 year
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, depending on the
LENDER and area of the country.
"Remember
the BOTTOM-LINE"
| This section is
for a person that will pay all costs associated with obtaining
the loan. (Loan for $
150,000.00) |
This section is
for a person that will not pay for any costs associated with
obtaining the loan. All costs will be part of obtaining
the loan. (Loan for $
154,368.12; includes all associated costs) |
| ITEMS PAYABLE IN
CONNECTION WITH LOAN: |
ITEMS PAYABLE IN
CONNECTION WITH LOAN: |
| Origination Fee
@ 1.000% (points)=$ 1,500.00 |
$ 1,544.00 |
| Discount Fee=$ 0.00 |
$ 0.00 |
| Appraisal Fee=$ 300.00 |
$ 300.00 |
| Credit Report=$ 69.00 |
$ 69.00 |
| Lender's Inspection Fee=$ 0.00 |
$ 0.00 |
| Mortgage Insurance Application Fee=$ 0.00 |
$ 0.00 |
| Assumption Fee=$ 0.00 |
$ 0.00 |
| Mortgage Broker Fees=$ 0.00 |
$ 0.00 |
| Tax Related Service Fees=$ 73.00 |
$ 73.00 |
| Application Fee=$ 0.00 |
$ 0.00 |
| Commitment Fee=$ 0.00 |
$ 0.00 |
| Lender's Rate Lock-in Fee=$ 0.00 |
$ 0.00 |
| Processing Fee=$ 0.00 |
$ 0.00 |
| Underwriting Fee=$ 295.00 |
$ 295.00 |
| Wire Transfer Fee=$ 0.00 |
$ 0.00 |
| ITEMS REQUIRED
BY LENDER TO BE PAID IN ADVANCE: |
ITEMS REQUIRED
BY LENDER TO BE PAID IN ADVANCE: |
| Interest @$31.0944/day for 15 days=$ 466.42 |
Interest @$ 30.2083/day for 15 days=$ 453.12 |
| Mortgage Insurance Premium for 12 months=$ 0.00 |
$ 0.00 |
| Hazard Insurance Premium=$ 0.00 |
$ 0.00 |
| County Property Taxes=$ 0.00 |
$ 0.00 |
| Flood Insurance=$ 0.00 |
$ 0.00 |
| RESERVES
DEPOSITED WITH LENDER: |
RESERVES
DEPOSITED WITH LENDER: |
| Hazard Insurance @$ 43.7467/month for 4 months=$
174.99 |
Hazard Insurance @ $42.5000/month for 4 months=$
170.00 |
| Mortgage Insurance=$ 0.00 |
$ 0.00 |
| Tax & Assessment @$156.2500/month for 4
months=$ 625.00 |
$ 625.00 |
| Flood Insurance=$ 0.00 |
$ 0.00 |
| TITLE CHARGES: |
TITLE CHARGES: |
| Closing or Escrow Fee=$ 150.00 |
$ 150.00 |
| Abstract or Title Search=$ 0.00 |
$ 0.00 |
| Title Examination=$ 0.00 |
$ 0.00 |
| Document Preparation Fee=$ 165.00 |
$ 165.00 |
| Notary Fee=$ 0.00 |
$ 0.00 |
| Attorney's Fee=$ 0.00 |
$ 0.00 |
| Title Insurance=$ 450.00 |
$ 450.00 |
| GOVERNMENT
RECORDING AND TRANSFER CHARGES: |
GOVERNMENT
RECORDING AND TRANSFER CHARGES: |
| Recording Fee=$ 48.00 |
$ 48.00 |
| City/County Tax/Stamps=$ 0.00 |
$ 0.00 |
| State Tax/Stamps=$ 0.00 |
$ 0.00 |
| Intangible Tax=$ 0.00 |
$ 0.00 |
| ADDITIONAL
SETTLEMENT CHARGES: |
ADDITIONAL
SETTLEMENT CHARGES: |
| Survey=$ 0.00 |
$ 0.00 |
| Pest Inspection=$ 0.00 |
$ 0.00 |
| Courier=$ 25.00 |
$ 25.00 |
| Tax/Flood Certifications=$ 45.00 |
$ 45.00 |
| Total Settlement
Charges=$ 4,430.41 |
$ 4,368.12 |
| TOTAL ESTIMATED
MONTHLY PAYMENT: |
TOTAL ESTIMATED
MONTHLY PAYMENT: |
| Principal & Interest=$ 1,053.28 |
$ 1,028.26 |
| Real Estate Taxes=$ 156.25 |
$ 156.25 |
| Hazard Insurance=$ 43.75 |
$ 42.50 |
| Flood Insurance=$ 0.00 |
$ 0.00 |
| Mortgage Insurance=$ 0.00 |
$ 0.00 |
| Other Expenses=$ 0.00 |
$ 0.00 |
| TOTAL MONTHLY PAYMENT=$ 1,253.28 |
TOTAL MONTHLY PAYMENT=$ 1,222.01 |
| TOTAL ESTIMATED
FUNDS NEEDED TO CLOSE: |
TOTAL ESTIMATED
FUNDS NEEDED TO CLOSE: |
| Down Payment=$ 0.00 |
$ 0.00 |
| Estimated Closing Costs=$ 3,120.00 |
$ 3,164.00(3) |
| Estimated Prepaid Items=$ 1,248.12 |
$ 1,266.41(4) |
| Total Paid items (subtract)=$ 0.00 |
$ 0.00 |
| NEW LOAN=$ 150,000.00 |
$ 154,430.41 ($ 150,000.00 loan plus
(3) & (4) mortgage costs) |
| Total Estimated Funds
Needed To Close=$ 4,368.12 (1) plus (2) |
$ 0.00 |
Total cost of $ 150,000.000 loan
for 30 years @ 7.250%=$ 439,923.60
Total cost of $ 154,430.41 loan for
30 years @ 7.250%=$ 451,180.80
Total cost of $ 4,430.41 mortgage
costs for 30 years @ 7.250% @ $ 31.27 monthly=$ 11,257.20
Total cost of $ 4,430.41 by Credit
Card @ 15% X 2 months=$ 110.75
Always TRUST,
but, Always Verify!
All of these Mortgage Loan Costs are approximate. Please
check with your chosen Lender, to verify the actual costs.
Please note; You may be able to save money with some luck or some
TIME-CONSUMING serious negotiations, but the "bottom-line"
is to make sure that the total mortgage costs and payments can meet
your short term or long term requirements, in the immediate future.
No single entity has the control of interest rates, or conditions
within this world economy.
Most often then not, if you have your Credit Report totally
verified, with "back-up" documents and explanations in
writing for your Lender, you will save time, and in this
"case", time is money because of fluctuating interest rates.
Make sure that your CREDIT REPORT is 100% CORRECT, no exceptions.
Excellence saves money, not wishful thinking!
Other factors for your loan; The down payment--years of
loan--APR--your credit worthiness.
Find your Mortgage Lender, have all of your documents ready, and
specified what you can afford, without any compromise. That is
how you save money on these types of transactions. Be prepared
with excellence, then, be prepared to save money, and you will also
sleep well!
To access your own CREDIT
REPORT, please click
HERE
