A lender estimates the closing costs on a home loan of $50,000 as listed below.
Closing Cost
Charge
Loan origination
$200
Title insurance
$530
Attorney's fees
$600
Appraisal
$265
Inspection
$575
Recording fees
$130
Escrow
$800
If the lender's good faith estimates are accurate, are they a reasonable amount for closing costs? Why or why not?
a.
Yes, because the lender esitmated 3.08% of the home loan in closing costs which falls between 3 - 5%.
b.
Yes, because the lender estimated 4.6% of the home loan in closing costs which does not fall between 3 - 5%.
c.
No, because the lender estimated 6.2% of the home loan in closing costs which does not fall between 3 - 5%.
d.
No, because the lender estimated 17.7% of the home loan in closing costs which does fall between
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A lender estimates the closing costs on a home loan of $50,000 as listed below. Closing Cost Charge Loan origination $200 Title insurance ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
New Questions in Mathematics
An oblique prism with a square base of edge length x units has a volume of x3 cubic units. Which expression represents the height of the prism? x units x units 2x units x units
Answers (1)
How to slimplify 4/7
Answers (2)
What's 8/9 minus 3/8?
Answers (2)
Scores on exam are normally distributed with a mean of 45 and standard deviation of 8 1. what is the probability that the score of a student will be higher than 52.6? 2. what proportion of the students score below 43? 3.
Answers (1)
Avarie is cutting a 12 foot long piece of wood into 1/4 - foot sections. How many sections will result
Answers (1)