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Eddie Said:

is this a good faith of estimate convenient? 2nd part?

We Answered:

I think your getting fleeced on the origination fee. For the loan size 1% should be a fair fee with the lender paying your notary fee and appraisal. The work required for loan origination is the same for your loan as it is for a loan 1/4th the amount. Look for the POC or YSP amount as that will be the rebate your lender gets for pricing you up. It will not show as a cost to you but adds to the loan originators profit. For every 1/2 point rebate you over the life of the loan will pay from .250 - .375 above the actual par rate you qualified for. On a loan amount of your size it can mean over 1,000 per year extra in unnecessary payment amount.

Justin Said:

PITI payment?

We Answered:

$2,365.54 (Principal & interest on loan is $1,713.54 and monthly pymt on insurance and taxes is $652.00)
$235,000.00 X .0875 divided by 12 equals $1,713.54. Combine Tax & ins to get $7,824.00. Then divide by 12 (monthly pymts) to get $652.00.

Shirley Said:

PITI payment help?

We Answered:

You can verify the P&I (principal & interest payment) by using any mortgage calculators on the internet (www.visualcalc.com). The monthly P&I payment on $235,000.00 at 8.75% on a 25 year term = $1,932.04

Property taxes: $6,345 divided by 12 months = $528.75 monthly for taxes

Homeowners insurance: $1,479 divided by 12 months = $123.25 monthly for insurance

$1,932.04 + $528.75 + $123.25 = $2,584.04 PITI payment

As a side not, a rate of 8.75% is way TOO high - sorry to tell you the Patel family got screwed on their loan. 30 year fixed rates are currently at 5.875%; they need to refinance to a lower rate when they have enough equity.

Katrina Said:

please someone help me with math!!!! business finance-- home loan?

We Answered:

Plug in the numbers on this mortgage calculator.

Hint 8 3/4=8.75

Here is the link

http://www.welcome2arizona.com/home/mort…

http://www.Welcome2Arizona.com