Truth In Lending Disclosure

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  • Amount Financed - The amount financed is the loan amount applied for less the prepaid finance charges. Prepaid finance charges are the costs stated above that can be found on your Good Faith Estimate. For example, if your note states that you are borrowing $100,000.00 for a refinance and your prepaid finance charges are $5,000.00, the amount financed would be $95.000.00. The amount financed is the figure on which the APR is based.

  • Total of Payments - This figure represents the total of all payments made toward principal, interest and mortgage insurance, if applicable, over the life of your loan.
  • Payment Schedule - The dollar figures in the payment schedule represent principal, interest, and mortgage insurance, if applicable, over the life of the loan. These figures will not reflect tax and insurance escrow.