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Mortgage FAQ's

My statement says that if I pay the loan off early, I will not be entitled to a refund of part of the finance charge. What does this mean?

This means that you will be charged interest for the period of time in which you used the money loaned to you. Your prepaid finance charges are not refundable. Neither is any interest which has already been paid. If you pay the mortgage loan off early, you should not have to pay the full amount of the finance charges shown on the disclosure. This charge represents an estimate of the full amount the loan would cost you if the minimum required payments were made each month through the life of the loan.

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