The closing costs of $8000 is paid by the bank and they will only allow that for the closing cost, and I dont have 10% down. 10% for 432K is $43200 and that's too much for me. With FHA I only have to pay 3% - Mon Jul 14 2008, 09:33
Tony,
Was your loan a FHA and you paid almost 10% downpayment. Is your credit above 750?
I talked to few and no lender seemed to quote less than 6.5% for my istuation, but hey were telling me that before getting all the documents. Also I am not a permanent resident, so I am not sure if that also plays a small part - Mon Jul 14 2008, 06:20
Thanks. I think I have got the answers. - Sat Jul 12 2008, 13:49
My estimated close date is August 15th
Since the loan amount is 419K I think the tax should be okay
But I will anyway inquire my lender about the tax rate and the 6/9 months tax.
I probably missed two more things:
Interest for 5 days - 400.74 (80.1487 per day)
Hazard Insurance Premium - $800
Thanks for your advice. - Sat Jul 12 2008, 12:33
2 Months Hazard Insurance Premium - $133.34
! month Mortgage Ins Premium Reserves - $178.37
6 month Taxes and Assessment Reserves - $2376.00
total - $3888.49 - Sat Jul 12 2008, 11:41
I have got the GFE
Estimated Closing costs - $6767.44
Estimated Prepiad Items/reserves - $3888.49
Total Settlement Charges - $10,655.93 - Sat Jul 12 2008, 10:06
If I lock a rate with a lender, does this mean I have to go with that lender or I can still shop around? - Sat Jul 12 2008, 09:09
I will talk to my lender. Thanks for your answers. - Sat Jul 12 2008, 07:00
Thanks. Total money I have to pay at closing is $15000 which includes the $2000 closing costs from my pcket as the seller is paying $8000 of closing costs, Looking at the market I also felt that I was getting a good deal ..thanks for confirming that. I haven't heard of anyone getting a rate of 5.875% for 30yr fixed FHA probably since Jan/Feb 2008. - Fri Jul 11 2008, 23:37
But how much was the downpayment? - Fri Jul 11 2008, 23:16
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