Posted on: 29th Oct, 2013 02:44 am
I am about to qualify for a mortgage. Can you tell me, what is the total cost included in my loan payment?
Hi,
The total cost of your mortgage loan will include the principal and interest charged on the loan amount at a certain percentage along with payments on insurance premiums and taxes. The insurance and taxes can be paid at the time of closing of the escrow account or they can be added along with your monthly mortgage payments.
Take care
The total cost of your mortgage loan will include the principal and interest charged on the loan amount at a certain percentage along with payments on insurance premiums and taxes. The insurance and taxes can be paid at the time of closing of the escrow account or they can be added along with your monthly mortgage payments.
Take care
Hi,
Before making a selection the lender should be asked about the other fees to be charged for a specific loan besides rates and points.
You are going to get your answer as a document called Good Faith Estimate which is an estimate prepared as accurately as possible.
You are going to get an initial Truth-in Lending disclosure containing the APR and other financial terms within 3 days of application.
Before the closing you will be provided a Settlement Statement having full disclosure of closing costs.
These are lender related costs which will be added to your loan amount.
Before making a selection the lender should be asked about the other fees to be charged for a specific loan besides rates and points.
You are going to get your answer as a document called Good Faith Estimate which is an estimate prepared as accurately as possible.
You are going to get an initial Truth-in Lending disclosure containing the APR and other financial terms within 3 days of application.
Before the closing you will be provided a Settlement Statement having full disclosure of closing costs.
These are lender related costs which will be added to your loan amount.