COURSE INDEXPreliminary Questions
Home Buying Start & Registration
Budgeting To Buy a Home
Find Your First House
Inspect Before You Buy
Shop For a Mortgage Loan
Home Mortgage Loan Process
Credit Score and Credit Report
Home Mortgage Loan Closing
Being a Home Owner
Mortgage Quote Request
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The truth in Lending Disclosure Statement is a document that discloses to the borrower all the costs involved in making and closing the loan. The lender is required to give this to the borrower within three business days of the loan application. For home purchase loans, this statement may be revised just before closing because it is based on the Good Faith Estimate of closing costs. This statement can be confusing to the borrower. It has (5) primary boxes:
This area of the statement show the breakdown of your monthly payments. It sets out the principal and interest amounts, as well as, all tax and hazard insurance amounts and how those payments are to be made. It also indicates any late payment charges or prepayment charges.
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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner
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