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need part A and B Check my world On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward
need part A and B
Check my world On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for $110,000. On August 30, Mr. and Mrs. Cleaver obtained a loan commitment from OKAY National Bank for an $85,000 conventional loan at 5 percent for 30 years. The lender Informs Mr. and Mrs. Cleaver that a $2,200 loan origination fee will be required to obtain the loan. The loan closing is to take place September 22. In addition, escrow accounts will be required for all prorated property taxes and hazard Insurance; however, no mortgage Insurance is necessary. The buyer will also pay a full year's premium for hazard insurance to Rock of Gibraltar Insurance Company. A breakdown of expected settlement costs, provided by OKAY National Bank when Mr. and Mrs. Cleaver inspect the uniform settlement statement as required under RESPA on September 21, is as follows: 1. Transactions between bayer-borrower and third parties a. Recording too-mortgage $ 40.00 b. Real estate transfer tax 245.00 c. Recording toes/document preparation 220.00 di Hazard inaurance-one-year policy-Rock of Gibraltar Insurance company 440.00 e. Peggy Prudent-attorney 170.00 f. Inspection 60.00 9. te insurance foe (Landeo title company 420.00 h. Landco title Company-closing fee 135.00 TI. Transactions between sellor and third parties a. Release statement-seller's mortgage 5.00 b. Payoff-Seller' mortgage (None State Bank) 32.765.00 c. Real estate brokerage foe (68 Fast Deal Realty 6,350.00 111. Bayor-borrow and lender Information $ 95,000 d. Amount of loan b. Prepaid interest is owned from closing through september 30, which equals nine days 104.79 inclusive). Regular payments to begin on November 10.05 25.000) = 165) 136.67 2. Property tax escrow-two months required 2,200.00 d. Loan origination fee 110,000.00 1.520.00 IV. Huyer and seller information: Purchase price b. Deposit paid by Cleaver to Ward (paid in escrow to OKAY National Bank) d. Real estate tax proration (taxes for the current year to be paid in arrears by DUYER to county next January 1+ $820 per year). Therefore, because the SELLER will own the property from January 1 to September 22, or 264 days. Therefore, the Buyer own for the 101 days prior to closing and transfer of title. Therefore, a credit for part of the $820-per-year real estate tax (for 264 days) in due to buyer from seller at closing. $ $93.10 Required: a. What are the amounts due from the borrower and due to the seller at closing? b. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? c. When will the first regular monthly mortgage payment be due from the borrower? Complete this question by entering your answers in the tabs below. Required A Required B Required What are the amounts due from the borrower and due to the seller at closing? (Round your intermediate dollar values and final answer to 2 decimal places.) Due from borrower Due to the seller S S 25,000.00 206.90 Step by Step Solution
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