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All Forum Posts by: Regan Coakley

Regan Coakley has started 2 posts and replied 8 times.

@Bruce Lynn it does include pre-paids. Thank you.

@Bruce Lynn Thanks for the insight. Much appreciated!

@Jason Hirko interesting. How do i get into THAT business? Lol

This is the breakdown

Loan Costs

A.

Origination Charges

$1,782

0.325 % of Loan Amount (Points)

$492

$150

Application Fees Lender Fees

$1,140

B.

Services You Cannot Shop For

$1,044

Appraisal Fee

$850

Attorney Review Fee (TX only)

$150

$13

Credit Report Undisclosed Debt Report

$31

C.

Services You Can Shop For

$2,699

HOA Transfer Fee

$150

Resale Package

$300

Survey Fee

$539

Title - Document Preparation Fee

$50

Title - Escrow Fee

$425

Title - Guaranty Assessment Recoupment Fee

$2

$130

Title - Lender's Endorsements Title - Lender's Title Insurance

$1,103

D.

TOTAL LOAN COSTS (A + B + C)

$5,525

Other Costs

E. Taxes and Other Government Fees

$156

Recording Fees and Other Taxes Transfer Taxes

$156

F. Prepaids

$1,651

Homeowner's Insurance Premium (12 months)

$1,200

Mortgage Insurance Premium (

months)

Prepaid Interest ($15.0462 per day for 30 days @3.625 %)

$451

Property Taxes (

months)

G. Initial Escrow Payment at Closing

$7,150

Homeowner's Insurance

$100.00 per month for 4 mo.

$400

per month for

mo.

Mortgage Insurance Property Taxes

$562.50 per month for 12 mo.

$6,750

H. Other

$0

I. TOTAL OTHER COSTS (E + F + G + H)

$8,957

J. TOTAL CLOSING COSTS

$14,482

D + I Lender Credits

$14,482

I am a first time investor and am purchasing an investment property in Baytown Texas for $200,000 (single fam). I was expecting the closing costs to be around 3% but they are closer to 7-8%. Is this reasonable? I am using guaranteedrate.com they quoted me an interest rate of 3.625% and my credit score fluctuates between 780-800. First property purchase. Thank You.

@Bruce Lynn I did speak with him already and his response was in line with the response above. Thank you.

@Ryan Kelly Thank you.

I received a quote of $850 for the appraisal of a $200,000 rental property in Baytown Texas (Houston area). The average appraisal cost for the area seems way lower by Google search. I’m told this includes some sort of rental evaluation. Is this a fair price? Thank you.