Christee Closing Cost Quick Start

The Christee Closing Cost module has been designed to allow a quick estimate of closing cost with detailed values displayed within the browser, whereas other Christee modules display only the total closing cost in the browser with details available in the associated PDF file.

Closing Cost can exceed the required down payment. Federal Law requires an estimate of closing cost be provided after mortgage application. A smart homebuyer will be well versed in potential closing cost before entering into contract to purchase a home.

Christee Provides Information to be a Smart Homebuyer.

Below is a brief explanation for the required and optional inputs. Additionally, in the browser input form, there is a brief description for each input.

There are Only 9 Required Inputs for this module.

  • 1. Select State. 
  • 2. Area. Select County or City. 

    Tip. Closing Cost are based upon the location of property. Closing cost may vary from county or city within the same State.

  • 3. Zip Code. Enter the zip code for the area you wish to purchase in.
  • 4. Interest Rate. Current market interest rates are used by default. You may edit the rate by clicking the pencil inside the box.  

    Tip. A rate of 3 and one eighth is entered as 3.125.

  • 5. Sales Price. Select one mortgage type. None, Conventional, FHA, VA, or USDA.

    Tip. Closing cost will change based upon price of house.

  • 6. Loan Type. Select one mortgage type. None, Conventional, FHA, VA, or USDA. 

    Tip. If ‘None’ is selected, then Closing cost will be based upon a cash purchase.

  • 7. Loan Term. Select mortgage term from dropdown list.
  • 8. Credit Score. Enter a number between 550 and 850. The lowest middle score for all borrowers should be entered.  
  • 9. Married. (Yes or No) If there will be 2 borrowers, select ‘Yes’.

There are 15 Optional Inputs to customize the results. NOT required for Christee Results.

  • 1. Property Taxes. You may enter the actual property taxes for the property. Otherwise, Christee will estimate the property taxes based upon local tax rates.
  • 2. Annual Insurance Premium. Enter amount of Annual Hazard Insurance. Otherwise, Christee will estimate Hazard Insurance premium based upon location of the property.
  • 3. Close Date. You may enter a specific date for closing. Otherwise, the closing cost will be based upon preparation date plus one month.

    Tip. Closing cost that are date sensitive such as interim interest or property tax adjustments will be based on this date.

  • 4. Seller Credit as a Percent. The number entered represents a percentage of the purchase price you want the seller to pay toward your closing cost.

    Tip. An input of 3, represents a 3% of the purchase price that the seller will contribute toward closing cost.

    Tip. Christee will make adjustments to the allowable seller credit based upon loan type and actual closing cost.

  • 5. Seller Credit as a Dollar Amount. Enter any dollar amount you wish the seller to pay toward buyer closing cost.

    Tip. If you have entered a percent (#4 above) and a dollar amount for seller credit, Christee will use the dollar amount.

    Tip. You want the seller to pay $7,500 of buyer closing cost. Enter 7500.

    Tip. Christee may adjust amount of closing concession so as not to exceed actual closing cost or maximum credit allowed in accordance with loan type.

  • 6. Lender Credit. Enter the percentage lender is paying toward closing cost.

    Tip. An entry of 1 means the lender will pay 1% of the loan amount toward buyer closing cost.

    Tip. Lender paid closing usually results in a higher mortgage interest rate.

    Tip. If you have selected ‘None’, then a Lender Credit will NOT be calculated.

    Tip. Lender credits are calculated based upon the mortgage amount and NOT the purchase price. Christee will display the dollar amount of the credit as a percent of the purchase to allow easy comparisons between ‘Seller Credit’ and ‘Lender Credit’.

  • 7. Lender Fees. You may enter a dollar amount for lender fees such as application fees or underwriting fee.

    Tip. If the lender charges more than one fee, enter the total dollar amount. Do not include origination fee.

  • 8. Loan Origination Fee. Enter any number, including decimals up to 2.

    Tip. An entry of .875 means the calculations will be based upon a .00875 (7/8%) loan origination fee.

    Tip. A loan origination fee increases the closing cost thus increases cash required to close.

    Tip. Loan origination fees are based upon loan amount not sales price.

  • 9. Enter Down Payment.  Enter down payment as a percent. An entry of 10 means loan amount will be calculated with a 10% down payment or 90% loan-to-value.

    Tip. If you do not enter a down payment then calculations will be done based upon maximum LTV for loan type.

    Tip. The resulting Loan-to-value (LTV) will be used unless it exceeds maximum LTV for loan type.

  • 10. Limit Loan Amount. Enter loan amount you want, otherwise Christee will calculate the loan amount.

    Tip. You may enter any combination of the above fields – limit LTV, and Limit Loan amount. Christee will resolve any conflicts and provide results.

    Tip. For example, should there be a conflict between a capped LTV entered and loan amount entered, the loan amount will be used, provided it creates an LTV equal to or less than max LTV entered.

    Tip. Loan amount will be used unless it exceeds maximum loan amount for loan type.

Next Two Inputs Applicable to VA Loans Only

  • 11. VA Exempt. If a Veteran is exempt from the ‘Funding Fee’ associated with a VA loan, then select ‘yes’. (Default setting is ‘no’)
  • 12. First VA Loan. This entry will affect the calculation of the VA funding fee. The funding fee is increased on 2nd VA loan.

    Tip. Christee provides a total monthly payment which may change based upon inputs 11 & 12. Interim Interest will also change slightly based upon these two inputs.

  • 13. Name. Optional Input. If name is entered then PDF file will include name.
  • 14. Phone. Enter your phone number to have a Christee Certified Agent to contact you.
  • 15. Email Address. By entering a valid email address, you have the option to have the PDF report emailed to yourself or another person.

    Tip. If this field is blank, then you may download the PDF report.

    Tip. Make sure you hit the ‘Submit’ button after entering an email address.

    Tip. If this field is blank, then the PDF file will be sent to email address based upon login.

We hope you enjoy your AskChristee experience!

Results will be displayed in your browser. Additional detail is available in the PDF file. Please review results with a recommended AskChristee Agent and Lender.

See the Resources tab for more Information. Visit Video tab for demonstration and greater insight.