Our goal is to offer the highest quality mortgage resources and advice to our users for free.
How We Make Money
The listings that appear on this page are from companies from which this website and the data provider may receive compensation, which may impact how, where and in what order products appear. Compensation is higher for featured placements. This table does not include all companies or all available products.
We may receive a fee if you click on a lender or submit a form on our website. This fee in no way affects the information or advice we provide. We maintain editorial independence to ensure that the recommendations and insights we provide are objective and unbiased.
The personal loan offers that appear on this site are from companies from which GuideToLenders receives compensation. This compensation may impact how and where products appear on this site including the order in which they appear. GuideToLenders does not include all loan providers or all types of loan offers that are available.
GuideToLenders is not a loan provider but only matches you with lenders that may extend a loan to you. All loan approval decisions and terms are determined by the loan providers at the time of your application with them. There is no guarantee that you will be approved for a loan or that you will qualify for the rates displayed. The offers and rates presented on this website are estimates based on information you submit to us. Your actual rates depend on your credit history, income, loan terms and other factors. Reasonable efforts are made to compile and maintain accurate information. However all loan rates and terms, including APRs, are presented without warranty and are subject to change by the loan providers without notice.
The First Payment Letter is provided by your lender when you close your mortgage and notes the amount of your monthly mortgage payment, when the payment is due and where to send the payment. The letter also outlines if you are required to pay homeowners insurance, property tax and mortgage insurance into an escrow or impound account along with your monthly loan payment. If you are not required to pay impounds, then these items should be left blank on the First Payment Letter.
It is important to review the First Payment Letter when your sign your loan documents so that you know when your payment is due and how much you owe. The last thing you want is to be late with your first mortgage payment or remit the wrong amount. Even if you plan to have your monthly payment automatically deducted using direct deposit, be sure to read this document to verify that your payment amount and information are accurate. Please note that this is an example First Payment Letter document that should be used for informational purposes only.