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Disclosure FAQ

Your closing disclosure contains the financial details about your loan. This includes your interest rate and fees, your monthly mortgage payment, and closing costs.

It is required by law that you receive your final closing disclosure at least three business days before your closing date.

It’s very possible that certain fees and prices can change during your loan process. Generally, the costs on your preliminary closing disclosure are high estimates, and often decrease on your final CD.

If any information on your CD is incorrect, contact us immediately. This includes even small errors such as the wrong spelling of your name.

The pay off is always higher because you are always a month behind on your mortgage. I.e. when you make your current mortgage payment, you are paying the previous month’s interest as the interest is paid in arrears.

None of our fixed rate products have a pre-payment penalty.

Garden State Home Loans is a licensed Mortgage Banker and we fund your loan. To do this, we must maintain a warehouse line and to do so we pass along some of that cost to our borrowers.

An origination fee can be expressed as a dollar amount or a percentage of the loan amount to secure your interest rate. An origination fee can also be referred to as points to buy down an interest rate.