James' son signed a contract to purchase a home. The closing date is may 27, and the buyer owns the property on the day of closing. The selling price of the home is $842,800. Lacey and Rick obtained a fixed-rate mortgage from a bank for $702,333 at 7.45% interest. The seller has already paid $382,366.08 in property taxes for the coming year.
Calculate the documentary stamp tax on the mortgage if this fee in your state is $0.35 per $100 or portion thereof.
Determine how many mortgage points will be purchased and calculate the cost.
Determine the mortgage broker fee and calculate the cost.