| This is an origination fee. This is the fee that some lenders charge to start your loan. Predatory loans often carry high origination fees. Conventional borrowers generally pay at most a 1% origination fee. If you think your fees are too high, check with someone you trust. |
| This is credit insurance financed in a lump sum. This means that the cost for all the insurance sold to you with your loan is added to the total of your loan. This makes the amount you've financed much larger. Make sure you need what insurance you have on your loan. Make sure insurance is mentioned and explained. |
| Notice the settlement charges. Are they a large portion of the total loan? Settlement charges are the combination of various fees that come with the loan. Origination fees, so-called "discount fees," underwriting fees, application fees, appraisal fees... The list goes on and on. Be sure you understand what you're signing. If you aren't sure, ask someone you trust! |
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>> Click here to see the back-side of the contract.
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