I own 2 properties: X (MV:1,100,000 / Mortgage Bal: 364,848) & Y (MV:975,00 / Mort.Bal:332,900). Y is rental w/ gross income: 3,000. I had several Loan Estimates from one broker, taken longer than expected, many verifications needed. Recent one is a conventional loan for $342,000 / interest rate: 5.25% / #of mo:360/360 /fixed rate / mo. principal & interest: $1,888.54 + eat escrow: 418 + $2,307 mo payments. Costs at Closing: closing costs: $9,200 (est cash to close $4,900 + eat closing costs financed from loan about: $4,300) / origination charges $2,600.
I was told appraisal fee combined/included in closing costs, but they charged my bank account for it & when i asked, i was a bit confused about how it is included....so i'm a bit lost as to how I will get that back. but its been over 30days and I want to get to closing. (other details: initial escrow at closing $2,900 / I'm retired-worked at VA hospital & spouse works at USPS).
Main ?s: with the current rates on your site vs my current estimate, above, thats on the table....can you tell me if i'm getting the best deal or not or even a good deal? (i wanted to combine a line of credit payments w/ one mortgage payment...they told me the loan eat above) and can you put into layman's terms "eat. cash to close" with the box "From" marked off ($4,900) means....do i pay that too at closing if i agree to the estimates?