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Understanding Your Loan Estimate: Terms, Payments and Closing Costs
The first page of your Loan Disclosure shows the Loan Terms Projected Payments and Costs at Closing.
The Loan Amount, of course is the total you are borrowing. But the Interest Rate alone doesn’t represent all of your borrowing costs. The APR figure on Page...
Can My Settlement Charges Change?
Yes, if circumstances change, such as:
a natural disaster damages the property or affects closing costs
the title insurer providing the estimate goes out of business during underwriting
new information on you or the transaction affe...
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What Costs or Fees Are Associated With Loan Origination?
Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you'll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit ...
What Is RESPA?
RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all.
RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending in...
What Makes Up Closing Costs?
What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:
Attorney's or escrow fees (Yours and your lender's if applicable)
Property taxes (...
What Can I Expect To Happen On Closing Day?
While this video simplifies things to help you remember: you'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller remainder of down payment, pr...
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