video: TRID - Closing Disclosures - Understanding Page 1

 

Understanding Your Loan - Closing Disclosure Page 1

  • The first page of your Closing Disclosure documents: 
  • The Loan Amount - the total you will actually borrow;
  • The Interest Rate - which does NOT include the fees factored into the APR on Page 5;
  • If this loan has a penalty for pre-payment or includes a balloon payment Page 1 will summarize the terms.
  • Projected Payments 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 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.
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