All Forum Posts by: Tyrone Jennings

Broker replied to me. His numbers were wrong. He apologized.

Below are the number that make since to me. Even if you roll in the closing cost into the loan, it should only increase monthly by no more that $30. Also, the closing costs seems kinda high. I was expected it to be under $3k.

Purchase Price	$54,000.00
Down payment	$10,800.00	20%
Loan Amount	$43,200.00
Intreat Rate	6%	30 yr fixed
Monthly Mortgage Payment	$259.00
Estimated Property Tax	$58.33	$700.00
Estmated Insureance	$41.67	$500.00
Est Monthly Payments	$359.00

First post, first investment property. A broker I’m dealing with sent me the email below, his numbers are not working out in any mortgage calculators that I’ve used. I’m i missing something? You have been pre-qualified for a purchase amount of $54,000.00 based upon your income and debt ratios. You stated that you would like to use a minimum down payment of 20% which would be $10,800.00 on a purchase price of $54,000.00, on a 30 year Conventional fixed rate program with today’s rate of 6.0%. Estimated closing cost and pre-paid will be approximately $4,750.00. This reflects a worst case scenario with you paying all cost. Seller can contribute up to 6% of the sales price toward your closing cost on a primary purchase. Your total monthly payment with taxes and insurances would be approximately $680.00 a month based on this scenario. Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan.