In carpentry, the rule of thumb is “measure twice; cut once.” It’s time consuming and can be cost prohibitive to start cutting before you’re absolutely sure of the measurements. Just being off (short) 1/8” can mean starting over.
The same concept can be applied to your APRs. If your rates don’t match your closing docs, or if they are too high or low, something is amiss. That’s why it pays to check—early and often!
You’ve got to make sure you have the right numbers on the Fees Worksheet for:
- Prepaid Finance Charges
- Adjustable Rate Mortgages (ARM)
- Mortgage Insurance
- Payment Schedule
- Graduated Payment Mortgage
- Construction Loans
Deviations in any of these sections can affect your rate amounts. Your lender can tell you what items you should include or exclude from your APR calculation.
You can get detailed instructions on checking your calculations on this Knowledge Base article.
For additional assistance with Point, our helpful support is available at 800-342-2599 for all users of current accounts.