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    Bizcoach70's Avatar
    Bizcoach70 Posts: 7, Reputation: 1
    New Member
    		  
    #1

    Sep 22, 2016, 10:47 AM
    What are the accounting entries for our closing statement for the Refi of our mortgag
    3850Amount of new loan 625000
    Loan chrgs - orig fee 250
    - Appraisal fee 3850
    - Tax service 56
    -Flood certif 8
    -Certify co articles 35

    Title Charges - closing fee 300
    -Title insur premium 1244
    - spec assess letter 50

    Recording Charges- Govt 90
    -future satisfactions 60
    Deed &Trans prep - 45

    Payoffs -old loan principle 619325
    -interest 1765

    Funds from buyer 2077


    Figures are rounded
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Sep 22, 2016, 12:13 PM
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
    Bizcoach70's Avatar
    Bizcoach70 Posts: 7, Reputation: 1
    New Member
    		  
    #3

    Sep 23, 2016, 08:34 AM
    Quote Originally Posted by Curlyben View Post
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..

    Fair enough and thanks for the response.
    I know how to handle the recording of the new obligation and cancelling the old obligation. I am unsure of the misc charges. Can I expense the loan charges, Title charges, and recording charges. Do some have to be capitalized and amortized? The only substantial ones are the appraisal fee of 3850 and title insurance of 1244. If they can be expensed can they be lumped together as loan fees?

    Thanks in advance for your help. Gary
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