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POC / PFC
POC – Paid outside of closing
Some fees may be listed on the HUD-1 to the left of the borrower’s column and marked “POC” fees as those for credit reports and appraisals are usually paid by the borrower before closing/settlement. They are additional costs to you. Other fees such as those paid by the lender to a mortgage broker or other settlement service providers may be paid after closing/settlement. These fees are usually included in the interest rate or other settlement charge. They are not additional cost to you.
PFC – Prepaid Financing Charge
Prepaid finance charges are charges that are marked so “PFC”, so they get included in determining the APR of the interest rate. The tem “prepaid” means the fee has been previously paid, but will need to be calculated in equation to figure out an actual APR (annual percentage rate) or what the loan costs you the first year of your mortgage.
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