Understanding Loan Estimate Comparisons

Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change over...

Calculating Your Cash To Close

Page 2 of the Loan Estimate provides the current ESTIMATED cash to close. Some costs will stay the same between estimate and closing. Some will change. A – Origination Charges – should match. B – Can’t Shop – 10% Tolerance C – Can Shop...

Understanding Your Loan Estimate: Other Costs

Real estate transactions require taxes, certain pre-payments, and escrow funding. Recording fees are charged by government agencies for keeping legal ownership records, while “transfer taxes” may be imposed by states, counties and municipalities on real estate...

Understanding Your Loan Estimate: Services You CAN Shop For

These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, or  a survey to verify property lines or a range of Title-related services. Title services might include: a Lender’s...

Understanding Your Loan Estimate: Page 2, Loan Costs

Closing costs are fees paid when the title of the property is transferred to the buyer making them the legal owner. Origination Charges are fees collected by the lender for the loan process. They may including fees for handling the loan application and “Origination...

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 affecting settlement is discovered. If...

Can Creditors Revise TRID Loan Estimates?

Creditors are generally bound by the initial Loan Estimate. They are permitted to provide a revised Loan Estimate only under certain changed circumstances. These include circumstances that: a) increase settlement charges beyond the legal tolerance limits b) affect...

What’s Refunded If My Loan Is Higher Than My Estimate?

If the amount you pay at closing exceeds the amounts disclosed on the Loan Estimate – beyond tolerance limits for each category – the creditor must REFUND the excess to you no later than 60 calendar days after loan consummation. For charges subject to a...
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