Building a house with a physician loan through Huntington (builders preferred lender). Builder giving 15k to buy down the rate or closing cost. Can you guys take a look at the loan estimate and let me know your thoughts? Thanks in advance.
Sale price: $606,645
Loan amount: $576,313
Interest Rate: 5.625%
Monthly Principal & Interest: $3,317.58
Estimated Taxes, Insurance & Assessments (Property tax, home owners insurance, HO dues): $946/mo
Closing Cost Details
Loan Costs
A. Origination Charges: $19,305
3.125% of Loan Amount (Points): $18,010
PROCESSING FEE: $695
UNDERWRITING FEE: $600
B. Services You Cannot Shop For: $896
Appraisal Fee: $525
APPRAISAL RE-INSPECTION FEE: $150
APPRAISER MANAGEMENT SERVICE FEE: $15
CREDIT REPORT FEE: $59
DATA VERIFICATION FEE: $15
FLOOD CERT FEE: $8
INSURANCE SERVICE FEE: $30
MERS ASSIGNMENT FEE: $25
TAX SERVICE FEE: $69
C. Services You Can Shop For: $3400
TITLE-ALTA 25-06 Deletion of survey: $50
TITLE-ALTA 6 VARIABLE RATE MORTGAGE LENDERS TITLE: $50
TITLE-ALTA 8.1 ENVIRONMENTAL PROTECTION ENDORSEMEN: $75
TITLE CLOSING FEE: $650
TITLE CLOSING PROTECTION LETTER FEE: $60
TITLE COURIER FEE: $100
TITLE EXAMINATION FEE: $295
TITLE INSURANCE BINDER: $100
Title lenders title insurance: $ 1723
Title Otirb Oh-112 Del Gen Exc for mech lien: $172
Title recording service fee: $100
D. Total loan costs (A+B+C): $23,601
E. Taxes and other government fees: $316
F. Prepaids: $1,500
Homeowner’s Insurance Premium (12 months)
G. Initial Escrow Payment at Closing: $4,975
Homeowner’s Insurance: $125.00 per month for 2 mo. = $250
Mortgage Insurance - 0
Property Taxes $787.50 per month for 6 mo = $4,725
H. Other: $1,209
One time set up fee: $175
Survey fee (optional): $175
Title - title owners insurance (optional): $859
I. TOTAL OTHER COSTS (E + F + G + H): $8000
J. TOTAL CLOSING COSTS: $31,301
Lender Credits
D+I = $31,601
Lender Credits: -$300
Calculating Cash to Close
Total Closing Costs (1): $31,301
Closing Costs Financed (Paid from your Loan Amount): 0$
Down Payment/Funds from Borrower: $30,332
Deposit: -$30,822
Funds for Borrower: 0
Seller Credits: -$15,340
Adjustments and Other Credits: 0
Estimated cash to close: $15,471
Index + Margin = 30-day Average SOFR + 3%
Initial Interest Rate : 5.625%
Minimum/Maximum Interest Rate 3% / 10.625%