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What does “amount financed” mean when getting a mortgage loan?

It means the amount of money you are borrowing from the lender, minus most of the upfront fees the lender is charging you. 

The amount financed is shown on page 5 of your Closing Disclosure under "Loan Calculations." For example, if you have a $100,000 loan, but the lender is charging you $4,000 in certain types of fees in order to get the loan, the “amount financed” would be $96,000. 

You won’t receive a Closing Disclosure if you applied for a mortgage prior to Oct. 3, 2015, or if you're applying for a reverse mortgage, HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs. For those loans, you should receive a Truth-in-Lending disclosure. For the “total of payments,” you’ll want to look in the top section of your Truth in Lending disclosure. 

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