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Interest Paid at Closing |
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Loan Amount multiplied by Interest Rate divided by 365 times number of days from closing date to end of month |
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Also may be referred to as "Per Diem" Interest |
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Discount Points |
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Optional, used to reduce interest rate |
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Each "Point" is equal to 1% of the mortgage amount, and resulting rate must be quoted by a mortgage representative |
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Property Taxes |
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Based on true taxes as levied for County, Town, Village, City, School |
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If Credit Union will Escrow, (CU pays taxes on your behalf), expect to pay one year's taxes at closing |
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You will reimburse the seller for the portion of the year they occupied the property, and the remainder to fund your escrow account for future tax payments |
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If you plan to pay your taxes when due, expect to pay an amount to payback the Seller for the portion of the year they occupied the property |
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Down Payment |
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The cash portion paid by a buyer to purchase a property |
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Your Attorney Fees |
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As charged by your Attorney for services rendered |
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PMI Charge (Private Mortgage Insurance) |
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Required on loans where the loan amount is more than 80% of the property value (or purchase price) |
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Other charges or fees as required by the county in which the property is located |
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Other expenses as agreed upon between the Buyer and Seller |
