For residential mortgages, disclosure of the annual percentage rate (APR) is very important. The APR tells a borrower the total cost of financing a loan in percentage terms, as a relationship of the total finance charges to...
A borrower should always consider setting up a mortgage escrow account to pay for taxes and homeowner's insurance. The first reason is that they will get a lower interest rate and better terms for their loan. Lenders...
Lenders charge loan origination fees in order to cover the lender's administrative costs in processing a loan. These can also be called loan fees, service fees, or even administrative fees. Additional points may be...