Understanding Your Loan: Closing Cost Details

  The second page 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...

Your Rights And Rules For Closing Disclosures

  Your lender provides the closing disclosure which lists the terms of your mortgage. You should receive it no later than 3 business days before consummation. It must be in writing – paper or digital. If the loan terms or costs change prior to consummation,...

Understanding Loan Estimate Comparisons

  When shopping for a mortgage use page three of your loan estimate to 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...

Understanding Your Loan Estimate: Other Costs

  Thus, understanding the LE. Taxes, certain pre-payments, and escrow funding. Recording fees are charged by government agencies for keeping legal ownership records, while “transfer taxes” may be imposed by states, counties and municipalities on real estate...