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Understanding Your Loan: Closing Cost Details
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 - pr...
Your Rights And Rules For Closing Disclosures
The 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 - paper or digital.
If the loan terms or costs change prior to consummation, your lender must pr...
Understanding Your Loan: Closing Disclosure Page 1
The first page of your Closing Disclosure documents:
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...
What Is RESPA?
RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all.
RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending inst...
What Costs or Fees Are Associated With Loan Origination?
Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you'll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit repo...
What Makes Up Closing Costs?
What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:
Attorney's or escrow fees (Yours and your lender's if applicable)
Property taxes (to c...
How Can The FHA Assist Me In Buying A Home?
Remember these points from the video:the FHA works to make homeownership a possibility for more Americans. With the FHA, you don't need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down paymen...
What Are VA Home Loans?
What Are VA Loans?
As the video says, the name is misleading - they’re not loans FROM the VA.
The VA - short for “US Department of Veterans Affairs” - is the Federal military veteran benefit system.
The VA administers benefits and services for Servicemembers,...
What Is A Certificate of Eligibility, or COE?
What Is A Certificate of Eligibility, or COE?
The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan.
Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders h...
What Is A Rate Lock?
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term 'rate lock.'
A “Rate Lock” is a guarantee that a lender will honor a
What Is A Qualified Mortgage?
As this video explains, Federal laws put into effect in 2014 and supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.”
They provide stable loan features for consumers...
Understanding Your Loan: Additional Information Can Be Important
Page 4 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?
D...
What Does Ability To Repay Mean?
What are the “Ability to repay” rules about?
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, ...
When Do I Get My Loan Closing Disclosure?
If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the i...
How Do I Choose The Best Loan Program For Me?
The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you.
By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.
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