The total amount of the mortgage for Jack and Dina King if the closing costs are financed is $436,344.
What are closing costs?
Closing costs of a mortgage are the extra expenses that property buyers and sellers usually incur in a real estate transaction.
Some of the closing costs include:
- Loan origination fees
- Discount points
- Appraisal fees
- Title searches
- Title insurance
- Surveys
- Taxes
- Deed recording fees
- Credit report charges.
Question Completion and Calculations:
Closing costs:
Application Fee $252
Borrower’s Credit Check $65
Points 2.00% of Mortgage = $8,400 ($420,000 x 2%)
Appraisal Fee $325
Title Search $212
Title Insurance $410
Inspection $350
Attorney Fee $450
Documentation Stamp 0.30% of Mortgage = $1,260 ($420,000 x 0.30%)
Processing Fee 1.10% of Mortgage = $4,620 ($420,000 x 1.1%)
Total closing costs = $16,344
Mortgage loan = $420,000
Total amount of financing required = $436,344 ($420,000 + $16,344)
Thus, the total amount of the mortgage for Jack and Dina King if the closing costs are financed is $436,344.
Learn more about closing costs of mortgages at https://brainly.com/question/23894292
