Posted by LisaWI on 3/21/07 4:12pm
Msg #181163

Itemization of Amount Financed

Is this also known as "baf"? and if yes, what does that stand for? Borrowers Amount Financed?

Reply by dickb/wi on 3/21/07 4:52pm
Msg #181176

yes...amt financed is usually less than the amt borrowed because they subtract the closing costs, which is the same as if the borrower paid cash up front. that is why the apr is usually more than the note rate......if the borrower paid closing costs out of pocket then the amount financed would be the same as the amount borrowed and the apr would be the same as the note rate.....