Video — Your Mortgage Disclosure Form Page 1 Details

The Loan Disclosure details the final costs and terms of the loan arrangement. The form and details are set by regulation; heres 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.