Disclosures from Lenders
Federal law requires the lender to give you information when you apply for a mortgage. You should get a written summary of important terms and costs of the loan. Some of these are the finance charge, the term, and the total mortgage payment. Read information from lenders –and ask questions – before committing yourself. Selecting a mortgage may be the most important financial decision you will make, and you are entitled to all the information you need to make the right decision. Don’t hesitate to ask questions about loan programs when you talk to lenders, real estate brokers, and sellers, and keep asking until you get clear and complete answers.

One point is equal to 1 percent of the principal amount of your mortgage. For example, if the mortgage is for $65,000,one point equals $650. Lenders frequently charge points in fixed-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points usually are collected at closing and may be paid by the borrower or the home seller, or may be split between them.


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