What is the finance charge applied to a mortgage?

The finance charge is the total amount of loan charges and interest that you would pay over the entire amortization period of the mortgage loan.

This assumes that you will keep the loan for the entire term of the loan until maturity (when the last payment is due) and includes all prepaid loan charges.

Loan fees include:

Opening charges
discount points
mortgage insurance
Other applicable lender fees

You can find the amount of your finance charge on page 5 of the Closing Disclosure form in the “Loan Calculations” section.

Note: You will not receive a Closing Information Form if you applied for a mortgage before October 3, 2015, or if you are applying for a reverse mortgage. For those loans, you will receive two forms: a HUD-1 Settlement Statement and a final Truth in Lending Disclosure, instead of the closing information form. If you are applying for a home equity line of credit(HELOC), a manufactured home loan not secured by real property, or a loan through certain types of homebuyer assistance programs, you will not receive a HUD-1 form or an information form. but you should receive a truth-in-loan disclosure.

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