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A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
Closing documents, including the closing disclosure, deed of trust or mortgage note: These are important to keep because they outline the financial and legal agreements of the transaction ...
The listing broker may offer buyer agents a portion of their commission as an incentive to find buyers for the property. Payment is required if real estate brokerage service was used. This is often one of the largest closing costs. Mortgage application fees, paid by the buyer to the lender, to cover the costs of processing their loan ...
1300 ADDITIONAL SETTLEMENT CHARGES. Anything 'extra' that is not included in the 800-1200 charges are itemized in the 1300 section. This includes things like the survey, HOA fees, and repairs. 1302 - Pest Inspection; This is the cost of the pest inspector. Their purpose is to document the state of the property that the lender is making the loan on.
Details regarding the federal definition of finance charge are found in the Truth-in-Lending Act and Regulation Z, promulgated by the Federal Reserve Board. In personal finance, a finance charge may be considered simply the dollar amount paid to borrow money, while interest is a percentage amount paid such as annual percentage rate (APR). [ 2 ]
The most common APR fees include the mortgage lender’s origination fee and points. Mortgage lenders can calculate APR differently, so make sure you understand which fees are included in your ...
Paid outside closing (POC) is the fees or payments rendered outside normal title insurance and underwriting fees due at the time of closing a loan. When acquiring a mortgage or refinancing, a lender or broker may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing.