Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change over time. The APR shows interest PLUS fees as an annual ratio – APR is the actual percentage this loan costs per year. The TIP figure relates the interest you will pay over the life of the loan to the loan amount. For example – a TIP value of 25% on a $100,000 loan means you will pay $125,000 – $100K principal plus $25K interest – over the life of the loan.
TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
Latest posts by TitleTap (see all)
- TitleTap Launches HUB Making Website Integrations Easier For Customers and Industry Partners - April 1, 2021
- 7 Things Your Title Company or Law Firm’s Website Needs Due To The Pandemic - March 12, 2021
- Why most service businesses should never pay a local marketing firm for a custom website… - March 9, 2021