Assume you can purchase your house for the higher of its Zillow.com zestmiate or its current tax appraised value. You may research current mortgage rates for 30-year fixed rate mortgage and use the rate you find, or you may assume you will get a 30-year fixed rate mortgage for 80% of this sales price value at 4.375%. The assumed loan has one point origination fee and one discount point. Seller provides an Owners title insurance to buyer at the regulated price in Texas (look up online). Assume you can purchase a homeowners insurance policy for 0.85% of the house price. For further information on completing the Closing Disclosure you may consult http://www.consumerfinance.gov/regulatory-implementation/tila-respa/#disclosures or other appropriate websites. What is your property address? What is your contract date (assume today, or up to a month from now)? What is your closing date? (Closing date will be about 35-45 days from contract date and not on a weekend or holiday or the first or last day of the month.) What is the BCAD current year tax appraisal value for this house? What is the Zestimate for this house? How much will you pay for this house (maximum of BCAD current appraised value, or Zestimate)? For a 6% commission rate, how much will the seller pay in real estate commission? What will be the cost to the seller of an Owners title insurance policy for this house (Lookup rates online and show how you compute this)? What will be the dollar amount of your new loan? What is the amount of loan origination fee? What is the amount of loan discount fee? What is the daily rate of interest on your loan (for prepaid interest)? How much will you pay into prepaid interest at closing? What will your monthly mortgage (P&I) payment be? On what date will your first payment be due? What is your annual homeowners insurance premium? What will your monthly homeowners insurance escrow be? What dollar amount for homeowner insurance is needed for your initial escrow deposit? What is your annual property tax (from BCAD, remember you will get the homestead exemption)? What will your monthly property tax escrow be? How much property tax will the seller owe you at closing? What dollar amount of property tax is needed for your initial escrow deposit? What is your PITI payment? For a front end ratio of 28%, what annual income will you require to be approved for this loan? What is the date of the most recent lien(s) (DOT) filed on this property? What is the maturity date of this lien? Has a satisfaction (release) of this lien been filed? If so, on what date? What was the original dollar amount for the most recent DOT on this property? Is there an interest rate stated for the loans on the DOT? If there is no interest rate shown for the loans, what is the interest rate for the month it was originated (from chart provided)? Compute the loan payment (P&I) for the sellers? What will be the sellers balance be on the 1st of the month in which you close? What will the sellers daily interest charge be? What will the sellers loan payoff be on your closing date? Enter the values you compute here into the spreadsheet provided to complete the simplified Closing Disclosure. Submit both this file with your computations (saved as a pdf), and the completed Excel File. (You may put formulas in the Excel spreadsheet if you wish, or you may simply type the appropriate computations and use a hand calculator to complete the Excel Closing Disclosure.)

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