Mortgage loan with Stated income, lender fees.?
I and my sister are applying for a loan amount of 200k to 250k with stated income. Our credit scores are 725 and 760.
The reason is she can go with full documentation loan but since my job is self income, I can’t go for full doc and have to state my income, that’s without showing any docs.
Her income alone is not enough to qualify for loan and that’s why I am involved in this.
So therefore, the mortgage consultant says we have to go for stated income and we can put 5% down on loan amount up to 250k.
We are having to pay about $ 150 monthly for the PMI or mortgage insurance, is this avoidable without putting down 20%?
here are some of the fees lender guy wants to charge me for a loan amount of $ 242,250, 30 fixed interest of 6.000%
Appraisal fee- $ 300.
Processing fee- $ 350
Underwriting fee – 700
Titile insurance – $ 1.100
closing costs -$ 2,450
Items required by lender to be paid in advance
interest for 15 days @ 40.3750 $ 605.63.
Reserves deposited with lender
Hazard insurance premium 2 months @ $ 50. $ 100.00
Taxes and assessment reserves 4 months@ 225 per month $ 900.00.
Estimated prepaid items/reserves $ 1,605.63.
Total estimated settlement charges $ 4.055.63
COMPENSATION TO BROKER( Not paid Out of Loan Proceeds) :
YSP PAID T BROKER 1.5% $ 3,633.00
Total Est. Funds needed to close $ 16.805.63.
Total monthly payment $ 1,805.41
I think there are too many fees there, are those something every buyer needs to pay to the lender?
I specially don’t know what is this COMPENSATION TO BROKER( Not paid Out of Loan Proceeds) :
YSP PAID T BROKER 1.5% $ 3,633.00? who pays this? me?
and why is this $ 16805.63 for Total Est funds needed to close?
That’s what I have to pay when buying the home?
You think I should go to a bank or other mortgage lender?
Another question I have is, is the monthly PMI or property tax on home is going to be lower if the loan amount is lower?
I mean, the higher the loan amount is, the higher the PMI and property tax going to be?
Please give your best info and advice and suggestions.