Understanding home loans becomes a necessity when you are buying a home. Page 4 of your Closing Disclosure in your mortgage packet is important. It is NOT just standardized form information that is identical for every home loan. Review these terms: Assumption: can...
Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided. The bottom line final “Cash to Close” is the money you will need...
Page 2 of your Closing Disclosure details specific closing costs. Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points – prepaid interest. These figures should match...
http://fwd4.wistia.com/medias/ceqilj9sss?embedType=iframe&videoFoam=true&videoWidth=640The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. It must be in writing...
Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change over...
Page 2 of the Loan Estimate provides the current ESTIMATED cash to close. Some costs will stay the same between estimate and closing. Some will change. A – Origination Charges – should match. B – Can’t Shop – 10% Tolerance C – Can Shop...
