Reference no: EM133047565
You are a real estate broker for Aurora Realty. One of your clients, Erica Heston, has agreed to purchase one of the homes your office has listed for sale for a negotiated price of $235,000. The down payment is 20%, and the balance will be financed with a 15-year fixed-rate mortgage at 8.75% and and 3.5 discount points. The annual property tax is $5,475, and the hazard insurance premium is $2,110. When Erica signed the original contract, she put down a deposit of $5,000, which will be credited to her down payment. In addition, at the time of closing, Erica must pay the following expenses:
Appraisal fee: $215
Credit Report: $65
Roof Inspection: $50
Mortgage insurance premium: 0.50% of amount fixed
Title search; $125
Attorney's fees: $680
Escrow fee: $210
Prepaid interest: $630
As Erica's real estate broker, she has asked you the following questions:
-What is the total monthly PITI of the mortgage loan?
-What is the total amount of interest that will be paid on the loan?
-How much is due from Erica at the time of the closing?
-If your real estate office is entitled to a commission from the seller of 6.5% of the price of the home, how much commission is made on the sale?
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