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Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $272,000. Her bank requires a 20% down payment. Sue Willis, an attorney, has notified
Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $272,000. Her bank requires a 20% down payment. Sue Willis, an attorney, has notified Sharon that besides the 20% down payment there will be the following additional costs: Recording of the deed $ 27.00 A credit and appraisal report 152.00 Preparation of appropriate documents 45.00 In addition, there will be a transfer tax of 2% of the purchase price and a loan origination fee of 2% of the mortgage amount. Assume a 30-year mortgage at a rate of 10.5%
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