Ask the Loan Expert Pre-Qualify Now
[note color=”#FF9900″]What to Expect
[spoiler style=”2″ title=” Before”]- Gathering Documentation
- Getting Your Questions Answered
- Understanding Monthly Costs and Cash to Close[/spoiler]
- Understanding the GFE and Upfront fees
- How to handle Property Taxes and Insurance
- Performing the Appraisal
- Formal Loan Approval
- Locking Your Interest Rate
- Clearing Conditions[/spoiler]
- Planning Your Closing
- How to Handle Cash to Close
- Signing your Loan Documents
- Funding and Recording[/spoiler]
Important Terms and Definitions
[spoiler style=”2″ title=”Interest Rate”]- The interest rate is the percentage of your loan amount we charge you to borrow money.
- Interest rates are based on current market conditions, your credit score, down payment, and the type of mortgage you choose.
- APR
- The total cost of a mortgage is reflected by the interest rate, discount points, and origination charges. This total cost is known as the annual percentage rate (APR), which is typically higher than the interest rate. The APR enables you to compare mortgages of the same dollar amount by considering their total annual cost.
- One point equals 1% of your mortgage amount.
- If you qualify, you may be able to pay one or more points to lower your interest rate. A lower interest rate means lower monthly mortgage payments.
- You may be able to finance points as part of your mortgage amount.
- Points are usually tax deductible. (Consult a tax advisor on the deductibility of discount points.)
- The amount that includes all charges (other than discount points) that all loan originators (lenders and brokers) involved will receive for originating the loan.
- This charge covers items including fees, document preparation, and underwriting costs, and other expenses.
- If you qualify, you may be able to finance the origination charge as part of your mortgage amount.
- Your loan term is the amount of time you have to pay off your mortgage balance.
- Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates. And if you pay off your mortgage balance within a shorter term, you may pay less in total interest than with a longer-term mortgage.
- Principal is the amount of money you borrowed.
- Interest is the cost of borrowing the money.
- Taxes are the property taxes charged by your local government. Typically we collect a portion of these taxes in every mortgage payment and hold the funds in an escrow account for tax payments made on your behalf as they become due.
- Insurance refers to homeowners or hazard insurance that provides protection against property damage due to wind, fire or other risks. Like taxes, insurance costs are typically collected and paid from an escrow account.
Depending upon your property location, property type and loan amount, you may incur other monthly or annual expenses such as:
- Monthly payments for mortgage insurance
- Flood Insurance (maybe required depending on proximity to flood area)
- Earthquake Insurance (optional)
- HomeOwners Association (HOA) dues
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