[Abel C]

I did a quote for a mortgage loan on a website.For a 30 yr fixed rate it is $760/month for a $100,000 (i dont have a home in mind i just entered a nice round number of $100k)interest rate 4.375 & apr 4.849 (what is the diff between both? how does that work?)loan amt $95,000points 1.125/$1,069 (what the heck is points? points for what?)settlement cost $9846.57 (who am i settling to?)minimum down payment $5,000 (this part i understand)cash due at closing $8,905.08 (how is cash due diff from settlement & min down pymt?)if i add points + settlement cost + min down pymt + cash due @ closing, the total comes out to $24,820.65so I will need almost $25k in cash to purchase a home? i hope im wrong.im in beginning stages of looking for a home, currently rent apt, lease is up in spring 2011please explain, im lost.I just want to be well informed for when i begin looking to purchase

[Texy win]

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