I locked in my rate on Thursday night with Bofa. (5.25% interest rate with no points paid, BOFA FHA.) They are giving me $500.00 off the closing costs instead of an 1/8 of a point off—which I’m okay since that frees up more cash for the transaction and remodel.
The rates actually went up on Friday so I’m glad I locked late that night on the phone. I did my inspection and its just minor stuff so I’m not asking the bank to make any repairs to the property.
To date for the condo, my expenses are thus:
$7.00 Cashier’s check fee
$4,000.00 “hold money” –aka most of my down payment
$465.00 Appraisal Fee (which might be lowered so I could see an additional credit)
$35.00 Credit Report Fee
$275.00 Home Inspection.
What’s cool is that $500 (Appraisal + Credit Report) went on my CC with 2% cash back because we needed to lock in my rate over the phone… So it’s like getting $10.00 off.
So really were @ $4,772.00
Estimates of my other costs are:
$1050.00 Lender Fees
$26.00 Flood Check Fee
$150.24 in Prepaid Interest
$1270.00 Property Taxes (10 Months)
$715.00 Title Insurance
$100.00 Title Insurance Endorsement
$655.00 Remaining Down Payment
Minus $500.00 Credit
So, if estimates are correct, $4,541.24 Left to pay…
For a total of: $9,313.24 ($4,655.00 of which is my down payment)
So I’m out $4,658.24 in Closing costs and Property taxes… But I’m getting $8,000 from the federal government, which in turn covers my closing costs and property taxes… and gives me an additional $3,341.76 to remodel with before I’m spending “my” money.
Any ideas on how much a kitchen remodel runs in a condo?