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Items Required by Lender To be Paid in Advance
This section is the 900 series of the Good Faith Estimate. The items required by lender to be paid in advance consists of prepaid interest and homeowner’s insurance. You pay interest on the remaining days of the month at closing. You are required to pay your first year’s insurance premium prior to closing if you are purchasing a home. If you are refinancing, you most likely will prepay three months of insurance at closing. Pre-paids exists regardless of the lender you choose.
901 Interest –Interest (called prepaid interest) paid to the lender on the new home from the date of closing through the last day of the month the loan closes in. This amount will vary depending on the actual closing date and how many days remain in the month. The closer to the end of the month you close the lower the prepaid interest charge to you.
902 Mortgage Insurance Premium – FHA Loans Only. The total amount of the Upfront Mortgage Insurance premium. Usually financed in the new loan amount.
903 Hazard Insurance Premium – Cost of a one year Hazard (Homeowner’s) Insurance Policy. This is an estimated amount until the borrower gives Texas one a binder or policy from the Insurance Agent or their choice.
904 Tax and Assessments – Usually used on refinance loans for listing any delinquent or past due taxes that must be included in the payoff of the borrower’s current loan.
905 VA Funding Fee – VA Loan Only. The total amount of the VA Funding Fee. Usually financed in the new loan amount.
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National Mortgage Lenders
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