This essay Initial Expenses: Home has a total of 176 words and 3 pages.
Initial Expenses: Home
The following are the initial expenses to our new home:
· $257,990……………………. …………………. initial cost of home
· 30 year fixed conventional………….type of loan
· $77,440………………………………………….. 30% down payment made
· $1,623……………………………………………….Monthly Payment
· 6.750%……………………………………………. Interest Rate
· $584,280……………………………………….. Cost of home after 30 years
· $2,300……………………………………………..Misc. Closing Costs
· Non-recurring Closing Costs are as follows:
1. Appraisal- assessing the value of the property.
2. Credit Report- a detailed summary of one’s financial obligations.
3. Mortgage Broker Fee- the cost established by the broker to inform the homebuyer of the available loan options.
4. Processing Fee- the cost established to process a persons loan.
5. Recording Deed- document under seal which, when delivered transfers a present interest in property.
6. Escrow Fee- the cost established to create an escrow account to hold the homebuyers deposit, until processing is complete.
7. Underwriting Fee- the cost established by an underwriter to determine one’s credit worthiness.
8. Administration Fee- the cost established for the creation, handling, and filing of the homebuyer’s documents.
Topics Related to Initial Expenses: Home
Economy, Money, Finance, Personal finance, Loans, Real property law, Mortgage industry of the United States, Escrow, Mortgage loan, Closing costs, Fee, Underwriting
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