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.

Question

15-12-2020
Mathematics

contestada

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 :

Otras preguntas

2 points Who was the artist that create this piece of artwork and was know for using color to express feeling and emotions in his artwork? * TOUUN ROUGE CONCERT

a. Insert appropriate articles in the given paragraph. We should make ..... effort to help out with house chores becau

Pedro and Sarah are playing golf on a beautiful day. Suddenly, they hear thunder while they are in the fairway of the 6th hole. The safest decision to make is t

Read this passage from the Declaration of Independence. Prudence, indeed, will dictate that Governments long established should not be changed for light and tra

What umbrella do the following types of photography fall under: war coverage, glamour and style, travel, and wildlife? A. tonalism B. pictorialism C. spot ph

Read the following passage from "Every Man a King": It is not the difficulty of the problem which we have; it is the fact that the rich people of this country-a

A certain first-order reaction 45% complete in 65seconds, determine the rate constant and the half life for the process

Select the correct answer. How do consumers usually react when they are dissatisfied with a product or its delivery? Plz help i really want to get done with thi

Maesha gave the cashier $20 to pay for three pairs of socks. The cashier gave her $5.03 in change. Each pair of socks cost the same amount. What is the cost for

Which statement about atoms during a chemical change is true?

anthougo anthougo · Answer 1 · 2021-11-04T22:43:31+01:00

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

bertoxgamer75 bertoxgamer75 · Answer 2 · 2022-06-24T18:14:25+02:00

bertoxgamer75 bertoxgamer75

24-06-2022

Answer:

maybe I'm wrong but I think is A.

Step-by-step explanation:

Answer Link