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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 listed 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.

Respuesta :

anthougo

An evaluation of the lender's good faith estimate shows a.  The lender made an excellent estimate; it was equal to the actual closing costs.

Data and Calculations:

Estimated rate of closing costs of loan = 3% of loan amount

Loan amount = $180,000

Estimated closing costs = $5,400 ($180,000 x 3%)

Actual closing costs incurred:

Loan origination                    $345

Title insurance                      $600

Attorney's fees                   $1,350

Appraisal                              $480

Inspection                            $550

Recording fees                     $175

Escrow                               $1,900

Total actual costs          $5,400

  • Actual costs in percentage = 3% ($5,400/$180,000 x 100)

Thus, the lender made an excellent estimation. It equals the actual closing costs.

Learn more: https://brainly.com/question/21448382

Answer:

maybe I'm wrong but I think is A.

Step-by-step explanation:

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