![]() ![]() If the flood certification reveals that a home is located in a flood zone, the borrower might be required to purchase and carry flood insurance since it is not included in regular homeowners’ insurance policies. This document is issued by the Environmental Protection Agency (EPA), and the cost is typically passed to the borrower as a closing cost.Lenders want flood certification for properties to verify they aren’t located in flood zones and avoid damage that could reduce the value of the property and increase the risk of default and foreclosure. Flood Certification – A flood certification fee is a fee charged to certify whether your property is located in a flood zone.These fees represent the costs lenders have for hiring tax service agencies to research properties and the property taxes that are typically associated with them. Tax Service Fees – Tax service fees are closing costs lenders charge to ensure that borrowers will pay their property taxes and avoid default on their mortgages.It also includes the fee for obtaining your credit score and evaluating your credit. Credit Report Fees – The credit report fees are the costs your lender has to pay to get copies of your credit reports from all three credit reporting bureaus, including Experian, Equifax, and Transunion.The appraisal fees are the costs involved with hiring the appraiser and securing the appraisal. Appraisal Fees – When you apply for a mortgage to finance a home, your lender will appraise the home to confirm its value and ensure you meet the required loan-to-value ratio for your mortgage.These fees are typically included as a part of the closing costs. ![]() Underwriting Fees – The underwriting fees are typically set amounts charged by a lender to cover the costs of evaluating risk and originating the mortgage.Since this is an estimate, the actual monthly cost of your homeowner’s insurance might be lower or higher. Estimated Insurance – The calculator will return an estimate for the monthly cost of your homeowner’s insurance that will be included in your mortgage payment.The actual monthly tax amount could be lower or higher. This estimate is based on the value of the home and the property tax rates in the county and city where it is located. Estimated Taxes – The estimated taxes are the property taxes that will be included in your monthly mortgage payment.The mortgage insurance estimate shows you how much of each mortgage payment will be comprised of your mortgage insurance payment. If you are applying for an FHA-backed loan, you’ll be required to carry FHA mortgage insurance. Mortgage Insurance – If you are applying for a conventional mortgage and plan to make a down payment of less than 20%, you’ll be required to carry private mortgage insurance (PMI).Your total monthly payment will include the monthly amounts of your principal and interest, homeowner’s insurance, any mortgage insurance that might be required, and property taxes. Principal & Interest – The fee sheet will provide an estimate of the principal and interest you’ll pay with each mortgage payment.Our calculator calculates estimated fees and costs for all of the following: When you use the mortgage calculator tool, you can review a fee summary sheet, which serves as a one-stop method of understanding everything you should know about a potential mortgage offer. We believe in transparency and want potential buyers to be able to understand what they might expect when they apply for mortgages. The Most Comprehensive Utah Mortgage Calculator (PMI + Taxes & More)Īt City Creek Mortgage, we have developed a comprehensive mortgage calculator tool for homebuyers in Utah. We’d rather be 100% transparent with your quote than give you an oversimplistic answer to something as complex as your mortgage. If so, call us and we’ll talk you through your mortgage calculation. Using our calculator, you may see costs or fees with names you’re not familiar with. ![]()
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