by faxonsettlement | Jun 7, 2017 | Mortgages:
Comparing current debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate your...
by faxonsettlement | Jun 7, 2017 | Mortgages:
“Ability to repay” rules? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt and credit rating....
by faxonsettlement | Jun 7, 2017 | TRID
The forth page of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand:...
by faxonsettlement | Jun 7, 2017 | TRID
Page one of the Closing Disclosure: The Loan Amount – the total you will actually borrow The Interest Rate – which does NOT include the fees factored into the APR on Page 5 If this loan has a penalty for pre-payment or includes a balloon payment...
by faxonsettlement | Jun 24, 2015 | TRID
The third page 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...
