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Lelechka [254]
2 years ago
7

A lender estimates the closing costs on a home loan will be 3% of the loan amount of $180,000. The actual closing costs are list

ed below. Closing Cost Charge Loan origination $345 Title insurance $600 Attorney's fees $1,350 Appraisal $480 Inspection $550 Recording fees $175 Escrow $1,900 Evaluate the lender's good faith estimate. A. The lender made an excellent estimate; it was equal to the actual closing costs. B. The lender made a very good estimate; it was within 0. 25% of the actual closing costs. C. The lender made a fairly good estimate; it was between 0. 25% and 0. 5% of the actual closing costs. D. The lender made a poor estimate; it was higher than 0. 5% of the actual closing costs. Please select the best answer from the choices provided A B C D.
Mathematics
1 answer:
Anvisha [2.4K]2 years ago
3 0

Based on the information provided, it can be inferred that the lender made an excellent estimate; was equal to actual closing costs (option A)

<h3>How do you know what the lender's estimate was? </h3>

Based on the information provided, the lender estimated that the closing cost is equal to 3% of the $ 180,000 loan. To calculate that value we must do the following operation:

  • $ 180,000 / 100 x 3% = $ 5,400.

Based on the above, the estimated closing cost for that loan is $ 5,400.

<h3>How to know the real cost of closing the loan? </h3>

To know the real cost of the loan closing we must add the following values:

  • Closing Cost Charge Loan origination $ 345
  • Title insurance $ 600
  • Attorney's fees $ 1,350
  • Appraisal $ 480
  • Inspection $ 550
  • Recording fees $ 175
  • Escrow $ 1,900

$ 1,900 + $ 175 +% 550 + $ 480 + $ 1,350 + $ 600 + $ 345 = $ 5,400.

According to the above, the lender made a very precise estimate because his calculation hit the exact value of the closing cost (option A)

Learn more about lender in: brainly.com/question/3268275

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