Investment Mortgage - Irvington, New Jersey (Essex)

[Christopher Figueroa]

Hi All,

I'm under contract for a 3-family in Irvington, NJ. Went under contract in April 2018. Finished attorney review. Finished Inspection. Finished negotiations. Currently obtaining investment mortgage as property will not be owner occupied. Simply wanted to post loan figures and get any input as this is my first time reviewing loan documents.

Any help is appreciated for potential pitfalls. And what I should/might expect with the Appraisal, which should be within the next 2 weeks.

LOAN TERM: 30 years
PURPOSE: Purchase
PRODUCT: Fixed Rate
LOAN TYPE: Conventional
RATE LOCK: No

Loan Amount: $202,500

Interest: 4.75%

Estimated Taxes/Insurance: $658 monthly

A. Origination Charges - $1585

Application Fees $1,290
Commitment Fee $295

B. Services You Cannot Shop For

Appraisal Fee $600
Appraisal Re-Inspection Fee $200

C. Services You Can Shop For

Title - Administration Fee $10
Title - Closing Protection Letter $75
Title - Deed Prep Fee $60
Title - Document Signing Fee $155
Title - Electronic Doc Fee $5
Title - Endorsements $125
Title - Lender's Title Insurance $1,018
Title - Municipal Searches $175
Title - Settlement Fee $500
Title - Title Review Fee $195

D. TOTAL LOAN COSTS (A + B + C): $4703

E. Taxes and Other Government Fees

Recording Fees and Other Taxes $436

Transfer Taxes $1,482

F. Prepaids

Homeowner's Insurance Premium ( months)
Mortgage Insurance Premium ( months)
Prepaid Interest ($28.50 per day for 17 days @4.75 %) $485
Property Taxes ( months)

G. Initial Escrow Payment at Closing

Homeowner's Insurance $100.00 per month for 2 mo. $200
Mortgage Insurance per month for mo.
Property Taxes $558.00 per month for 2 mo. $1,116

H. Other

Title - Owner's Title Insurance (optional) $255

I. TOTAL OTHER COSTS (E + F + G + H): $3974

J. TOTAL CLOSING COSTS: $8677

[Vaughn Smith]

@Alex Kellman @Mark Kurian If you're investing in Northern NJ especially Newark, Irvington, East Orange etc you should definitely look into M&T Bank, great service and competitive rates reach out to @Anastasia G. she's an awesome lender.