University of Texas at San Antonio
COLLEGE OF BUSINESS FIN3433: Principles of Real Estate
THE UNIVERSITY OF TEXAS AT SAN ANTONIO Real Estate Finance and Development PrograM
Homework: Simplified Closing Statement
Name:
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Assume you can purchase your house for the higher of its zestmiate or its current tax appraised value. You may research current mortgage rates for 30-year fixed rate mortgage and use the rate you find, or you may assume you will get a 30-year fixed rate mortgage for 80% of this sales price value at 4.375%. The assumed loan has one point origination fee and one discount point. Seller provides an “Owner’s” title insurance to buyer at the regulated price in Texas (look up online). Assume you can purchase a homeowners insurance policy for 0.85% of the house price.
What is your property address?
What is your contract date (assume of today, or up to a month from now)?
What is your closing date? (Closing date will be about 35-45 days from contract date and not on a weekend or holiday or the first or last day of the month.)
What is the BCAD current year tax appraisal value for this house?
What is the zestimate for this house?
How much will you pay for this house (maximum of BCAD current appraised value, or Zestimate)?
For a 6% commission rate, how much will the seller pay in real estate commission?
What will be the cost to the seller of an “Owners” title insurance policy for this house (Lookup rates online and show how you compute this)?
What will be the dollar amount of your new loan?
What is the amount of loan origination fee?
What is the amount of loan discount fee?
What is the daily rate of interest on your loan (for prepaid interest)?
How much will you pay into prepaid interest at closing?
What will your monthly mortgage (P&I) payment be?
On what date will your first payment be due?
What is your annual homeowner’s insurance premium?
What will your monthly homeowner’s insurance escrow be?
What dollar amount for homeowner insurance is needed for your initial escrow deposit?
What is your annual property tax (from BCAD, remember you will get the homestead exemption)?
What will your monthly property tax escrow be?
How much property tax will the seller owe you at closing?
What dollar amount of property tax is needed for your initial escrow deposit?
What is your PITI payment?
For a front end ratio of 28%, what annual income will you require to be approved for this loan?
What is the date of the most recent lien(s) (DOT) filed on this property?
What is the maturity date of this lien?
Has a satisfaction (release) of this lien been filed? If so, on what date?
What was the original dollar amount for the most recent DOT on this property?
Is there an interest rate stated for the loans on the DOT? If there is no interest rate shown for the loans, what is the interest rate for the month it was originated (from chart provided)?
Compute the loan payment (P&I) for the seller’s?
What will be the seller’s balance be on the 1st of the month in which you close?
What will the seller’s daily interest charge be?
What will the seller’s loan payoff be on your closing date?
You may fill in this table with your results, or you may download the table in spreadsheet form, and copy the results into this Word document. Make sure this table is easily readable when you submit your HW.
|Fin 3433 HUD-1 Summary Table | | | | |
| |Closing Date: | | | |
|Property Location: Legal | | | | |
|Street Address | | | | |
| | | | | |
|100 Gross Amount Due from Borrower | | | | |
|101. Contract Sales Price | | | | |
|103. Settlement Charges to Borrower | | | | |
| | | | | |
|Adjustments for Items paid by seller in Advance | | | | |
| | | | | |
|107. County Property Taxes | | | | |
| | | | | |
|120. Gross Amount Due From Borrower | | |420. Gross Amount Due to Seller | |
| | | | | |
|200. Amounts Paid by Borrower | | | | |
|201. Deposit or earnest money | $ 1,000.00 | |502. Settlement Charges | |
|202. Principal amount of new loan(s) | | |504. Payoff of First Mortgage | |
| | | | | |
|Adjustments for Items Unpaid by Seller | | |Adjustments for Items Unpaid by Seller | |
|211. County Property Taxes | | |511. County Property Taxes | |
| | | | | |
|220. Total Paid By/For Borrower | | |520. Total Reduction Amount Due Seller | |
| | | | | |
|300. Cash At Settlement From/To Borrower | | |600. Cash At Settlement From/To Borrower | |
|301. Gross Amount due from Borrower (line 120) | | |601. Gross Amount due to seller (line 420) | |
|302. Less amounts paid by/for borrower (line 220) | | |602. Less reductions in amt. due to seller (line 520) |
|303. Cash From Borrower | | |603. Cash To Seller | |
| | | | | |
| | | | | |
|L. Settlement Charges |Paid From | | |Paid From Seller's |
| |Borrower's Funds | | |Funds |
|700. Total Sales/Brokers Commission based on a sales price of @ 6% = | | | | |
|703. Commission Paid at Settlement | | | | |
| | | | | |
|800. Items in Connection with Loan | | | | |
|801. Loan Origination Fee % | | | | |
|802. Loan Discount % | | | | |
|803. Appraisal Fee | $ 375.00 | | | |
|804. Credit Report | $ 35.00 | | | |
| | | | | |
|900. Items Required By Lender To Be Paid in Advance | | | | |
|901. Interest from _______ to _____ @ ____ per day | | | | |
|903. Hazard Insurance Premiums for 1 year | | | | |
| | | | | |
|1000. Reserves on Deposit With Lender | | | | |
|1001. Hazard Insurance __ Months @ | | | | |
|1004. County Taxes __ Months @ | | | | |
| | | | | |
|1100. Title Charges | | | | |
|1107. Attorney fees | $ 75.00 | | | $ 75.00 |
|1108. Title Insurance | | | | |
|1109. Lender's coverage $______ | $ 100.00 | | | |
|1110. Owners coverage $_______ | | | | |
|1111. Escrow Fees | $ 250.00 | | | $ 250.00 |
|1112. State of Texas Policy Guarantee Fee | | | | $ 5.00 |
|1113. Tax Certificates | | | | $ 39.50 |
|1114. Courier Fee | $ 30.00 | | | $ 30.00 |
|1115. Copies | $ 12.50 | | | $ 12.50 |
| | | | | |
|1200. Government Recording Fees | | | | |
|1201 Recording Fees Deed $24 Mortgage $24, Releases $24 | $ 48.00 | | | $ 24.00 |
| | | | | |
|1400. Total Settlement Charges | | | | |
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