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Important information In the sections that follow, you will find a copy of the general documents that will be executed at your closing. Each document is accompanied with a brief description. If you have any questions, please feel free to contact your RMG Loan Originator.
Annual Percentage Rate: The APR is arrived at by adding the "Prepaid costs" to the actual interest you pay on the mortgage. Prepaid costs are fees paid by you at the time of closing in order to obtain the loan. The fees that apply to your loan have been itemized on the Good Faith Estimate prepared at application time by your Loan Officer. The APR is the rate of interest the Lender yields on the mortgage. Your monthly payment is based on the actual interest rate shown on the Promissory Note not on the APR. Finance Charge: This is the dollar amount the mortgage will cost you over the term of the loan. This figure includes the total interest and the "Prepaid Costs". This figure does not include the "Amount Financed". Amount Financed: This figure is the mortgage amount minus the "Prepaid Costs". Total of Payments: This is the total of all monthly mortgage payments over the term of your mortgage. (Total cost of the loan: principal, interest & Prepaid Costs). The total of Finance Charge plus Amount Finance. Adjustable Rate Mortgage (ARM): This is an estimate/scenario, based on the past history of the index, used to show the monthly payment charges for an ARM. Remember that depending on what payment/rate caps you have chosen we are showing the likely increase that is possible. Your payment possibly may drop. Payment Schedule: The breakdown disclosed includes principal, interest, and private mortgage insurance (Insured Conventional) or mortgage insurance premium (FHA) only. If escrows apply, taxes and hazard insurance will be added later and disclosed on the Initial Escrow Disclosure Statement and the First Payment Letter. Late Charge: If payment is received more than fifteen days after due date a 5% (Conventional) or 4% (FHA/VA) late fee is assessed. All mortgage payments are due the 1st of each month. Pre-payment disclosure: You have the right to pre-pay the loan in part or whole with/without penalty. Assumption: Someone buying your home may/may not assume the balance of your loan, subject to certain condition. Most assumable loans (FHA/VA) require a buyer to qualify and certain fees will apply.
This fixed rate document is a promise to repay the loan and discloses the terms and conditions of repayment. Adjustable Rate Mortgage Note will contain the variable rate features.
Federal law requires that you be notified of the amounts a lender will hold and disburse from your escrow account for property taxes, hazard insurance and/or mortgage insurance. This statement provides you with a clear picture of the estimated activity in your escrow account during the coming year.
This document confirms your social security number and is required for government reporting purposes.
In the event of any clerical errors in the documents or a request to provide any and all additional documentation deemed necessary, you are agreeing to assist Residential Mortgage Group and/or the Title Company in the requirements. This is a standard form and is required to be executed at your closing.
This document is used to cover all variations that your name may appear both typewritten or as signed in our loan file.
Government regulations require us to inform you who will be servicing your loan. This document will give you the Lender's name, address and servicing phone number that we have sold your loan to.
This document will disclose to you the details of your monthly payments including taxes and insurance.
This document discloses that RMG provides the best service possible to you, the borrower. Likewise, RMG and its customers resolve disputes without lawsuits. RMG is commitment to our customer service. Signing this form is optional.
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