Chuck obtained a mortgage of $90,000 to finance a $120,000 home. The title search will be $400, appraisal fee $500, application fee $900, and he will pay 1% origination fee. How much are his closing costs?

Question

Quizplus · Accepted Answer

The closing costs include the title search ($400), appraisal fee ($500), application fee ($900), and 1% origination fee on the mortgage amount ($90,000 * 0.01 = $900). Total closing costs = $400 + $500 + $900 + $900 = $2,700.

Chuck Obtained a Mortgage of $90,000 to Finance a $120,000