DSCR Loan to close on 4 unit. Are these closing costs crazy???
Please help me make sure we are not getting took. The seller is paying our closing costs and we are afraid that high fees will cause him to back out. We are buying in our own name not an LLC. Pennsylvania
Purchase Price $450,000 on 4 unit
Rate 6.249. 30 year fixed- 5 year PPP
Mortage Broker Fee. 12,323.00
Underwriting fee 1795.00
Document prep fee 195.00
appraisal fee 805.00
credit report 200.00
entity review fee 495.00
appraisal review fee 250.00
title closing protection letter 125.00
endorsement fee 100.00
endorsement fee 100.00
endorment fee 100.00
title settlement agent fee 255.00
lenders title insurance 3157.00
tax status research fee 30.00
recording fee for deed 93.00
recording mortgage fee 142.75
tax city county stamp deed 2250.00
tax state stamp deed 2250.00
prepaid interest 1,047.00
property taxes 1,334.00
Title owners title insurance 565.30
ESTIMATED REQUIRED FUNDS OR CASHBACK
Sales contract price 450,000
borrower closing costs 32,022.00
Total due from borrowers- 482,022.00
Loan Amount 360,000
Seller credits 4,500.00
other credits 9,000
total credits (seller and others) 13,500
Total due from borrower 482,022.00
Less total mortgage loans and total credits 373,500.00
First mortgage P and I- 2216.35
Homeowners Insurance 200.00
Property taxes 667.00
Total monthly payment 3083.35
