An annual percentage rate or APR is the amount of interest on your total mortgage loan amount that you’ll pay annually (averaged over the full term ofthe loan). Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such asmortgage insurance, most closing costs, discount points and loan origination fees.

All monies in your existing escrow account with your current mortgage lender will be refunded to you within 30 days of settlement on this refinance. Upon funding this new refinance, monies will be collected to fund your new escrow account, the amounts collected will be determined based on when next property tax payment and property insurance premium are due.

Closing costs and fees come from a myriad of transactions that occur during the mortgage process. They include origination fees, required validationfees, title insurance and settlement charges, and recording and government fees. Typically, closing costs and fees calculate out to be around 2% - 5%percent of your total home cost, so plan accordingly.

Based on the timing of the settlement on this refinance, payments may be due for property taxes and property insurance within the period between the settlement date and the first mortgage payment due date on this new mortgage. These payments are collected as "Prepaids" at the time of settlement on this refinance to ensure timely payment. Monies collected to fund your new escrow account are to make all future property tax and property insurance payments.

Yes! Until the funding of your refinancing is done, you still are required to make your mortgage payments.