Mortgage Loan Disclosure: Page 1 Details

The Loan Disclosure details the final costs and terms of the loan arrangement.  The form and details are set by regulation; here’s what you can expect on Page 1.

  • Loan Amount.  The total sum you are borrowing.
  • Interest Rate.  The % paid to borrow, not including fees.
  • Terms of balloon payment (if there is one).
  • Terms of pre-payment penalties, if applicable.
  • Projected Payments over the life of the loan, including:
    • Principal & Interets
    • Mortgage Insurance
    • Estimates of Escrow Payments, which usually do change over time.
  • Closing Costs – details of expenses required to close the loan.
  • Cash To Close

This form must be provided at least 3 business days before loan consummation.

You might also like