An evaluation of the lender's good faith estimate shows a. Â 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.
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