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If the mortgage is 329000 dollars with a 3 percent seller's concession what is the closing cost and final price?
Wiki User
∙ 17y ago
The closest you can get is $339,200 for a purchase price, less 3% ($10176) will leave you $329,024.00 Generally the buyer is entitled "up to" a certain percentage and not the exact percentage because they would all go directly to closing costs and not allow the borrower cash out.
Wiki User
∙ 17y ago
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How much of a percent do you pay in closing costs on a mortgage?
Closing costs of a mortgage are incurred when the loan is settled. If the loan is completed outside of a tie-in period there are no costs. If the loan is settled with a tie-in period, costs of up to 5% may be incurred.
What are the typical closing costs for a mortgage?
The amount used to buy your house is one thing; The fees required to close that transaction is another thing altogether, and they amount from 3 to 5 percent of the overall mortgage
What percent of us homes have no mortgage?
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
How do you calculate mortgage insurance premiums?
1. alculate the Loan to Value ratio (LTV). LTV = loan amount /total mortgage value, where loan amount = total value of mortgage --down payment on the property.If the mortgage value is $100,000 and the client makes a 10-percent down payment ($10,000), the loan value is $90,000. LTV ratio is equal to 90000/100000 or 0.9 or 90 percent.2. Determine the mortgage insurance rate. Rates are different for private mortgage insurance (PMI) and an FHA loan. In order to determine the correct insurance rate, contact the insurance provider. Generally, PMI insurance rates fall within the range of 0.5 to 1 percent. FHA loans require a premium of 1.5 percent of the loan value at closing; monthly premiums fall in the range of 0.5 percent of the loan amount. Contact the insurance provider to determine the correct insurance rate.3. Calculate the premium with the following formula: Mortgage insurance premium (annual) = LTV amount x mortgage insurance rate. Mortgage Insurance premium (monthly) = mortgage insurance annual premium / 12. For example, if the LTV is $90,000 and the mortgage rate is 1 percent, the annual mortgage insurance premium = $90000 x 0.01 = $900, and the monthly mortgage insurance premium = $900 / 12 = $754. Research the benefits, liabilities and costs of owning mortgage insurance. Mortgage insurance may be tax deductible. However, the cost of the insurance can be substantial on large loans. Generally, the insurance can be canceled when 20 percent of the loan has been repaid, but the terms vary according to the provider.
What does the term jumbo mortgage rate refer to?
A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.
How does a 90 percent loan to value with a six percent seller's concession work?
You would have to come up with 10% of the cost of the house. The seller is willing to give 6% back to you for closing cost.
How much of a percent do you pay in closing costs on a mortgage?
Closing costs of a mortgage are incurred when the loan is settled. If the loan is completed outside of a tie-in period there are no costs. If the loan is settled with a tie-in period, costs of up to 5% may be incurred.
What are the typical closing costs for a mortgage?
The amount used to buy your house is one thing; The fees required to close that transaction is another thing altogether, and they amount from 3 to 5 percent of the overall mortgage
Can a credit card company charge a three percent fee up to one hundred dollars for closing an account with a balance?
Yes.
What percent of us homes have no mortgage?
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
How do you avoid mortgage insurance?
Avoiding mortgage insurance usually requires having sufficient equity so the lender doesn't require it. Mortgage insurance comes in two major forms. Private mortgage insurance, or PMI, is provided by private companies on conventional mortgage loans with balances over 80 percent of the home's value. Mortgage insurance premium, or MIP, is required on FHA loans. FHA requires both up-front MIP and monthly MIP. Mortgage insurance may be tax-deductible, just like mortgage interest is.Sponsored LinkAmerican ExpressGain Access to Exciting Events With American Express. Learn More!americanexpress.com1Provide a down payment of at least 20 percent or ensure you have 20 percent equity in the home if the loan is a refinance. This is the most common way to avoid mortgage insurance. Lenders know that if they have to foreclose, they risk losing money when the home is sold if the balance of the mortgage is more than 80 percent of the home's value. The PMI covers the losses incurred by the lender.2Obtain a second mortgage instead of having one mortgage if your down payment is less than 20 percent. Only first mortgage lenders can require PMI on the loan. If your first mortgage is at 80 percent and you have a 10 percent second, your loan will not require mortgage insurance, even though the two loans combined are over 80 percent of the value. The interest rate on the second mortgage may be higher than the first, but the total payment may be less than if you had a loan with PMI.3Find a loan program that does not require mortgage insurance. Just because the loan amount is over 80 percent of the home's value, that doesn't mean that mortgage insurance has to be provided. Some lenders have programs that allow higher loan amounts and do not require mortgage insurance coverage. Usually the interest rate is higher to account for the extra risk these loans have.4Ask the seller to pay for a single premium PMI for your loan at closing. Your loan will still have PMI, but if the seller pays for it, you do not have to. These policies require one payment up-front and no monthly payment. Many lenders allow the seller to pay part of the closing costs, and this can be included in your closing costs.
3 percent of 127000 dollars?
127000 dollars are 100 percent. 1 percent is 127000/100 = 1270 dollars. 3 percent is 3 times 1270 dollars = 3810 dollars.
What is the cost per one thousand dollars at 4.25 percent on a 30 year fixed mortgage?
The answer will depend on how frequently the interest is calculated. Assuming the interest is calculated annually, the cost is 59.59 dollars per year. Over the 30 year period, that is equal to 1787.70 dollars per 1000 dollars.
What is 75 percent percent of 80 dollars?
That is 60 dollars.
What is 30 percent percent of 1290 dollars?
387 dollars
What is 2 percent of 56250 dollars?
2 percent of 56250 dollars = 1125 dollars
What is 30 percent of 120 dollars?
30 percent of 120 dollars = 36 dollars.
