Understanding Mortgage Costs

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• Home appraisals: What you should know An appraisal is an assessment of a home’s value – and an important component of getting final approval for your loan.
• Mortgage acronym cheat sheet Confused by what may seem like an alphabet soup of mortgage terms? Learn what they all mean in this glossary of mortgage acronyms.
• What is PITI? PITI stands for principal, interest, taxes, and insurance: the components that make up your monthly mortgage payment.
• Mortgage lock-ins A mortgage lock-in, also called a rate-lock, is a lender’s promise to hold a certain interest rate and points for you for a specified period of time.
• The Good Faith Estimate (GFE) Lenders list all the costs associated with a mortgage in the GFE document. Use it to compare offers.
• What is a Truth in Lending statement? A Truth in Lending (TIL) statement can help you decide if a loan is right for you. But making sense of this document is not always easy.
• Understanding your escrow account Your escrow account is an integral component of your mortgage. Learn more about your escrow account and how it should be managed.
• Understanding lender fees Before you sign with a mortgage company, find out a little more about lender fees and what they all mean.
• Mortgages: It's NOT all about the monthly payment Factors other than your monthly payment should be considered when choosing a home loan.
• Escrow: What it is and how it works Chances are your lender will require you to open an escrow account for insurance and taxes when you take out a mortgage.
• Budgeting for closing: Costs and fees to get a mortgage Expect to pay for an appraisal, credit report and other loan-related items.
• Ask an expert: Should you pay discount points on an ARM? Q: Does it make sense to pay discount points on an adjustable-rate mortgage?
• A Good Faith Estimate (GFE) details mortgage fees A GFE shows approximately how much your home loan will cost.
• Home tax deductions Besides the inherent joy of owning your own home, becoming a homeowner provides you with potential tax savings.
• The basics of discount points Points can lower your mortgage rate. But you need to do the math to make sure they're worth it.
• Common mortgage terms Making sure you understand some common mortgage terms can help when you're applying for a mortgage.

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