A demand feature lets a lender require early repayment of the entire loan balance, for any reason or no reason. The good news: most mortgage loans do not have one. Here is how to check your Closing Disclosure and promissory note, and what to do if the demand feature box is checked "yes."
The finance charge on a mortgage is the total interest plus loan charges you would pay over the full life of the loan. We break down exactly what counts, what doesn't, and where to find the number on your Closing Disclosure.
Signing the closing documents is the moment a home loan becomes legally binding. This guide walks Colorado buyers through what the law requires after closing day — repaying the mortgage, handling property taxes and homeowners insurance, and what happens if payments stop.
The total of payments figure on your Closing Disclosure adds up everything you'd pay over the full life of the mortgage. This guide breaks down exactly which components go into it, where to find it on the form, and how Colorado borrowers can use it when comparing loan offers.
The 'total of payments' on a mortgage is the full amount you will have paid over the life of the loan, assuming you make every scheduled payment exactly as agreed. Here's where to find it on the Closing Disclosure, what it includes, and how to use it when comparing loans.
Federal rules set a hard clock: once a lender receives your mortgage application, the Loan Estimate must go out within three business days. Here's exactly when that clock starts, which loans are exempt, and what to do if your Loan Estimate never arrives.
Federal rules prohibit lenders from deliberately lowballing the costs on a Loan Estimate. Here is what the Consumer Financial Protection Bureau says can change before closing, what cannot, and what to do if the numbers move on you.
The Estimated Cash to Close on your Loan Estimate is the money you bring to the closing table, and it is usually paid by cashier's check or wire transfer. This guide explains how the cash to close amount is calculated, why lenders document the source of your funds, and how Colorado Springs buyers can prepare for closing day.
Not all mortgages have a prepayment penalty, but if yours does, it was disclosed in your loan documents. Here is exactly where to look — the mortgage note, the Addendum to the Note, the Loan Estimate, and the Closing Disclosure — plus what to do if you already closed and want a straight answer from your servicer.