You are closing on a house.You have Fair credit (650 credit score) and as a result received
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You are closing on a house.You have "Fair" credit (650 credit score) and as a result received a 8.8% interest rate.You took out a mortgage loan for $530,000 and did not put a down payment of 20%, but instead put down 6% down payment, which results in PMI of 1% .You want to reduce your total interest rate from 8.8% to 3.8% which means that you will need to pay an origination fee of 5% on the total loan amount.Other fees include $300 loan application fee and $550 appraisal fee, $920 for title search and insurance, $1000 attorney fee. How much will you need, including the down payment?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: