This disclosure shows you your Annual Percentage Rate (APR), Finance Charge, Amount Financed and Total Of Payments.
The APR was discussed above.
The Finance Charge is the total amount of interest calculated at the interest rate over the life of the loan, plus Prepaid Finance Charges ant the total amount of any required mortgage insurance over the life of the loan.
The Amount Financed is the loan amount applied for, minus the Prepaid Finance Charges. Prepaid Finance Charges include items paid at or before settlement, such as points and initial mortgage insurance premium. The Amount Financed may be lower than the amount you applied for because it represents a net figure. If you applied for $50,000 and the Prepaid Finance Charges totaled $2,000, the Amount Financed would be $48,0000.
The Total Of Payments is the total amount you will have paid if you make the minimum required payments for the entire term of the loan. This includes principal, interest and mortgage insurance premiums, but does not include payments for real estate taxes or property insurance premiums.
Adjustment Periods for USA-Mortgage.com Programs First number indicates initial fixed period. Second number indicates how often adjustments occur after the initial fixed period.
- 1 Year ARM - Fixed for first year - Adjusts annually after 1st year
- 3/1 ARM - Fixed for first 3 years - Adjusts annually after first 3 years
- 5/1 ARM - Fixed for first 5 years - Adjusts annually after first 5 years
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