This assumes that you keep the loan through the full term until it matures (when the last payment needs to be paid) and includes all pre-paid loan charges.
Loan charges include:
- Origination charges
- Discount points
- Mortgage insurance
- Other applicable lender charges
You can find your finance charge on page 5 of the Closing Disclosure form in the “Loan Calculations” section.
You won’t receive a Closing Disclosure if you applied for a mortgage prior to Oct. 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms –a HUD-1 Settlement Statement and a final Truth in Lending Disclosure– instead of the Closing Disclosure. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a HUD-1 or a Closing Disclosure, but you should receive a Truth-in-Lending disclosure.
