STEP 9 - Receive Closing Documents/Information
You want to be prepared as closing day draws near. The lender will provide closing information which includes amount needed to bring to closing.
- Monthly Payments
Upon the closing of your mortgage loan, the repayment period will begin. For a fixed rate loan, the required monthly payment is made up of principal (the actual funds borrowed) and interest (the accrued cost paid to the bank for providing the borrowed funds) and is calculated at a set monthly amount for the life of the loan determined by the term of the loan (typically 15, 20 or 30 years).
In some instances, the monthly payment includes escrow obligations. These escrow figures may include funds to pay real estate taxes, homeowner’s insurance premiums, and/ or Private Mortgage insurance. The escrow portion of the payment is subject to change if the taxes or premiums increase or decrease.
You want to be prepared as closing day draws near. The lender will provide closing information which includes amount needed to bring to closing.
Upon the closing of your mortgage loan, the repayment period will begin. For a fixed rate loan, the required monthly payment is made up of principal (the actual funds borrowed) and interest (the accrued cost paid to the bank for providing the borrowed funds) and is calculated at a set monthly amount for the life of the loan determined by the term of the loan (typically 15, 20 or 30 years).
In some instances, the monthly payment includes escrow obligations. These escrow figures may include funds to pay real estate taxes, homeowner’s insurance premiums, and/ or Private Mortgage insurance. The escrow portion of the payment is subject to change if the taxes or premiums increase or decrease.