Question

Much help would be greatly needed!

For a $85,000 mortgage, the borrower was charged the following closing costs.

Loan origination fee (1% of mortgage) $

Broker loan fee $1640

Lender document and underwriting fees $350

Lender tax and wire fees $210

Fee to title company $225

Title insurance fee $320

Title reconveyance fee $70

Document recording fee $40

Compute the total closing costs for this mortgage:

Answer 1

hope this helps

Explanation:

The total closing costs for this mortgage can be calculated as follows:

Loan origination fee: 1% of $85,000 = $850

Broker loan fee: $1,640

Lender document and underwriting fees: $350

Lender tax and wire fees: $210

Fee to title company: $225

Title insurance fee: $320

Title reconveyance fee: $70

Document recording fee: $40Total closing costs = $850 + $1,640 + $350 + $210 + $225 + $320 + $70 + $40

Total closing costs = $3,705

Therefore, the total closing costs for this mortgage are $3,705.