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In order to fully understand your home loan, it’s important to understand some of the key parts of the documents associated with it. Let’s talk about your closing disclosure—specifically, the first page of it.

  • The Loan Amount: This is the total you will actually borrow.
  • The Interest Rate: This does NOT include the fees factored into the annual percentage rate (APR) on Page 5.
  • Projected Payments: This will show the chief cost components – Principal & Interest, Mortgage Insurance, and estimates of your Escrow Payments over the life of the loan. You may see different columns for different periods if changes in terms such as mortgage insurance change payment totals.
  • Closing Costs: This summarizes your loan closing expenses, and Cash To Close adds the additional amounts due to give you the cash balance you will need in 3 business days.

If your loan has a penalty for pre-payment or includes a balloon payment, Page 1 will summarize the terms.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Necessary Are Title Insurance and Homeowner’s Insurance?

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