Closing Costs.Larry and Laurie have found a home and made a $116,700 offer that has...
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Closing Costs.Larry and Laurie have found a home and made a $116,700 offer that has been accepted. They make a down payment of 15%.
Their bank charges a loan origination fee of 1.0% of the loan and points of 1.6%(both are based on the loan amount). Other fees include a $45 loan application fee, a $300 appraisal fee, an $380 for title search and insurance. How much cash will Larry and Laurie need at closing? (Hint: the loan origination fee and the points are not part of the loan and will be needed at closing.)
The amount Larry and Laurie will need at closing is _______________
(Round to the nearest cent.)
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