Itemized Fee Worksheet For Use with Service Providers and Investors Date 07/23/2012 The information provided below reflects estimates of the charges that are likely to be incurred at the settlement of this loan. The fees listed are estimates some actual charges may be more or less. This transaction may not involve a fee for every item listed* Provided By Subject Property Nova Home Loans 24 S* Weber St* Ste. 100 Colorado Springs CO 80903 Elton Jason Twitchell 719-884-5500 Borrower s Loan...
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Hi guys this is Sue Ellen and Abby homeloans how are you thanks for coming backto go over this detailed closing costworksheet now the reason I decided to dothis video was one of my borrowerscalled me not long ago and we were in a45-day escrow we were like five days outready to close and she called and shesaid you know Sue Ellen I don't rememberwhat you told us about how our loanamount got to be this dollar amount andthen there was another fee she had theseworksheets but there was another feethat she was asking me about and I feltbad she was I've been going to ask youbut I just didn't want to have to askagain because I know you explained it tous before and I thought how sad I don'twant someone to have to beself-conscious to ask questions and youhave to understand typically a homeowneronly buys one or two homes and they areonly going through the loan process ahandful of times in their lifetime soremembering all this stuff is notsomething they really need to do butthey do need to understand it to closeokay so I decided to do this video sothat I can give to my borrowers and thatway if they want to go back two or threetimes and go over it it will help themto understand what they're paying forand how much money they're bringing into close so with that let's go down thislist I'm going to go over it slowly anddo it in detail so you understand it Iknow it's going to take a few minutesbut if you can bear with us we'll getthrough it and I think you'll you'll getsome good information at the end okay sothis is an FHA purchase for $400,000these are my borrowers Mickey and MinnieMouse nightcouple just by the way anyway ourestimated closed date was July 16th andwe took the application on June thesecond so we were in a 45-day escrowokaythe loan amount is three hundred andninety two thousand seven fifty fivethat was the question that my borrowercalled me about okaythe purchase price of four hundredthousand dollars less than three and ahalf percent down that FHA requiresfourteen thousand dollars down plus theupfront mortgage insurance premium whichit's added to the loan amountokay there's both an upfront mortgageinsurance and a monthly print and amonthly premium that you pay on FHAloansso this 67-55 that got added to the loanamount was what was was you know makingit what she didn't understand becauseit's listed here in this list of feesbut you're not it's not coming out ofpocket it's getting added to the loanamount excuse meokay so we have origination fees there'sa processing and an underwriting feethat's going to the lender then anappraisal fee of four hundred and fiftydollars now I'm on the Central Coast ofCalifornia and that's a standard fee fora single-family residence in my areaappraisal fees can be a little higher alittle lower depending on where you knowwhere you...