This is the document that gets recorded!!! Point out the total amount of the loan, the interest rate of the loan and the monthly payment (principal and interest only) on this document. If there is escrow on this loan (taxes and insurance) then the total monthly payment is usually listed on another document. If you take this document and point out to borrowers the......
1)amount of loan 2) interest rate of loan and 3) monthly payment (principal and interest only) of the loan ...this will answer and reasure many borrowers that the basic elements of their loan is correct. I do this at the very begining when I first sit down...saves alot of time and clears up a lot of questions.....not all questions...but I think it puts the borrowers a little at ease...knowing this information up front. Sometimes the note is buried and placed in the middle or towards the back of all the loan documents...which is crazy...the borrowers need to know this information at the very begining. This works for me. |
