Apartments for rent in Tampa Florida
CLOSING DISCLOSURE PAGE 5
The closing disclosures are like the final to-do list for your home purchase, showing all the details about your loan, fees, and payments. It’s important for, you the buyer, to carefully go through and understand each part, checking them off to make sure everything matches up. This ensures there are no surprises and that you know exactly what you’re agreeing to before signing on the dotted line!
This part explains what the total money you will have paid at the end of the loan. This includes:
1. Loan Balance
2. Interest
3. Property Taxes
4. Home Owners Insurance
This section explains the total, you the borrower, will have paid in total for all of the interest payments for the life of the loan.
This section explains the total loan amount that you have qualified to receive from the lender.
This is the section that explains your annual percentage rate. This is not your monthly interest rate. The annual ercentage rate reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
This is the section that helps you understand how much interest you will pay over the life of the loan and lets you make comparisons between loans.
This is the section that explain that the appraisal that was done on the home you want to purchase. This value will justify the loan amount on the property. You will get a copy of the appraisal for your records.
This is the section that explains that you should refer to your mortgage or deed of trust which explains what can happen if you fail to make your monthly payments. Some states use mortgages and some states use deed of trust.
1. Mortgage states involve the lender and the borrower.
2. Deed of Trust states involve the lender, the borrower and a neutral third party.
This is the section that explains what can happen to you if you fail to make payments and the house is repossesed by the lender and you could still owe money when the dust settles. You could be kicked out and still owe money. Wow!
This is the section that explains whether or not you are able to refinance this loan in the future. Most people refinance to either get a lower interest rate or to get some cash out.
This is the section that explains the tax implications of getting a loan for a house.
This is the section that explains that you are allowed to make partial payments on your balance.
This is the section that explains that you are allowed to make partial payments on your balance.
