Lucky Louie qualified for a $250,000 mortgage for his new home. The loan application was $400, closing attorney fee $500, appraisal fee $400, title insurance $1200, document fee $75, credit check $50
The loan requires a 1% origination fee plus 1 point ( 1 %) interest to buy down the rate. How much are Louie's total closing costs?
A) $5,500
B) $7,625
C) WOW!
D) $5,125
Answer: B
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