A closing disclosure is the 5-page form that gives you the details of your mortgage loan, with Page 4 containing important information about your specific mortgage. It is not just standardized form information that is identical for every loan.
Here are some terms that are helpful to review:
- Assumption: can this loan be transferred to another person if you sell or transfer the property?
- Demand: can the lender require early repayment of the loan?
- Late Payments: what penalty, after what period, applies?
- Negative Amortization: does this loan schedule or allow payments that do NOT fully cover the interest due, resulting in increased loan principal?
- Partial Payments: what is this lender’s policy?
You should also review escrow account details to understand whether you will pay additional property costs via regular escrow account payments or handle them yourself directly.
At Title Junction, we care about helping you stay informed throughout your real estate transaction. The experts at our title company have extensive knowledge about real estate not only in Cape Coral and Fort Myers, but all of Florida as well.
Have questions? Give us a call at 239.415.6574.
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