Tuesday, January 10, 2012

The Note

If you are planning to purchase a home in the near future you should be familiar with some of the paperwork you will be signing.

Let us start with the Note what is a Note? This is simply just a basic contract between the the person borrowing the money and the lender. It will contain the basic terms and conditions of your loan.

What does a Note consist of? Number one it will have your rate. It have all of your prepayment terms. Payment amount of principal and interest. Your taxes and insurance will not be included in this. It will inform you on what day of the month your payment is due and if you are late what the penalties will be. It will also inform you the amount of your loan.

It is important that you know if you feel that after signing the loan documents you did not understand it or later on have any objections you to have the right to cancel. You will have three days to cancel your loan. The three days are excluding Sundays and Federal holidays. So good luck in the future closing of your new home and always remember to use a reputable real estate agent as they can advise you on your closing.

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