258 Chapter Desing Real Estate Transactions Practice Problem 4: New First Mortgage Use the following data to prepare closing statements on the worksheet for a new first mortgage Settlement Date: July 18, 19XX Purchase Price: $140,000 Earnest Money: $10,000 Insurance Premium for New Policy: 5497 New 90% Conventional Loan Calculate 4 discount points on the amount of the loan to be paid by the buyer. Real Property Taxes: 51.700 funpaid) Property Assessment: $1,540 for the year, unpaid to be paid by seller Seller's Existing Mortgage: 583,760 Private Mortgage Insurance PMI, 1% of the loan amount Deed of Trust Preparation: $50 Deed Preparation 560 Credit Report: $50 Survey: 5225 Termite Inspection: 5125 Loan Origination Fee: 19. of the loan amount Title Search: $385 Termite Repairs: $650 Revenue Stamps: North Carolina rate Recording Fees: $12 Broker's Fee: 6% of Purchase Price Calculate Interim Interest at 8% PRACTICE PROBLEM 4 WORKSHEET Settlement Date: Seller's Statement Debit Credit Buyer's Statement Debit Credit Totals 258 Chapter Desing Real Estate Transactions Practice Problem 4: New First Mortgage Use the following data to prepare closing statements on the worksheet for a new first mortgage Settlement Date: July 18, 19XX Purchase Price: $140,000 Earnest Money: $10,000 Insurance Premium for New Policy: 5497 New 90% Conventional Loan Calculate 4 discount points on the amount of the loan to be paid by the buyer. Real Property Taxes: 51.700 funpaid) Property Assessment: $1,540 for the year, unpaid to be paid by seller Seller's Existing Mortgage: 583,760 Private Mortgage Insurance PMI, 1% of the loan amount Deed of Trust Preparation: $50 Deed Preparation 560 Credit Report: $50 Survey: 5225 Termite Inspection: 5125 Loan Origination Fee: 19. of the loan amount Title Search: $385 Termite Repairs: $650 Revenue Stamps: North Carolina rate Recording Fees: $12 Broker's Fee: 6% of Purchase Price Calculate Interim Interest at 8% PRACTICE PROBLEM 4 WORKSHEET Settlement Date: Seller's Statement Debit Credit Buyer's Statement Debit Credit Totals