Posted: Wed Nov 30, 2005 3:59 am Post subject: Total Cost included in my loan payment
I am about to qualify for a mortgage. Can you tell me, what is the total cost included in my loan payment? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Wed Nov 30, 2005 4:09 am Post subject: RE:
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.
Thanks,
Jerry
James Hogg Guest
Posted: Wed Dec 14, 2005 5:57 pm Post subject:
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.
jerry
