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Video instructions and help with filling out and completing good faith estimate calculator
Good morning this is Marianne and I'm with real pro innovations I'm going to update my FHA financing and buyers cost video so we have the most current information and the most current ideas on how to use it to benefit your clients this is a real pro for windows program and of course it does every other kind of loan FHA VA conventional buyers and sellers cost but today's sample is going to be about the FHA so we're going to click on financing I'm going to go to FHA and put in our sales price let's say this example is going to be 260,000 it's not a 203k but you can do a 203k loan with this that'll be another video and let's say today's interest rate is five and a half in which I'm showing right here the down payment is 3.5 and that's 90 100 bringing you to the first trust deed right here of to 5,900 all FHA loans have MIP and that's based on 1.75 so all no matter what the loan-to-value is all FHA loans have up front MIP added to the loan taking you to the first trust deed the total first trust deed which is 255 to 90 the payment at five and a half percent you can see right here is 14 49 51 in this market people kind of get hung up on interest rates I don't you know that used to be five percent now it's five and a half i wish i would have bought back then or i'm afraid it's going to go to 5.75 in order to very quickly and easily show your client that the difference between the payments is not that great is to simply change the interest rate we go back here make it five point two five remember are at five and a half it's 1449 at 5.25 we have 14 09 that's a difference of forty dollars a month so when you have a client who is on the fence and really concerned about the interest rate you can show them right on the screen or write on the paper that the difference isn't that much is it really worth losing the house over forty dollars a month if it if it is then maybe we need to look at a different house the same with going with the interest rate higher 5.75 you know you're afraid it might go to 5.75 now that's 1489 81 again forty dollars so it's such a small difference that showing this to your clients is going to really make a difference in them understanding exactly what the numbers mean and why they should buy and buy with you now okay property taxes 1.25 mortgage insurance is point five five now again no matter the loan-to-value you are going to have mortgage insurance if you were to put five percent down your mortgage insurance will automatically change the point 50 that's a little