http://videotap.wistia.com/medias/6rulc92nay?embedType=async&videoFoam=true&videoWidth=640 The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. It must be in writing - paper or digital. If the loan terms or costs change prior to consummation, your lender must provide a corrected disclosure AND an...

http://videotap.wistia.com/medias/1qujm0eyo0?embedType=async&videoFoam=true&videoWidth=640 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 time. The APR shows...

http://videotap.wistia.com/medias/7mrw9nqxg0?embedType=async&videoFoam=true&videoWidth=640 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 - no tolerance limit, BUT IF you select a provider from...

http://videotap.wistia.com/medias/5bda5h1f5n?embedType=async&videoFoam=true&videoWidth=640 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 ownership...

http://videotap.wistia.com/medias/sqhskadioi?embedType=async&videoFoam=true&videoWidth=640 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 title policy,...

http://videotap.wistia.com/medias/vgekz1mtq6?embedType=async&videoFoam=true&videoWidth=640 These costs are paid to outside parties, not the lender, but you don’t get to choose them. They may include: appraisal, which puts a value on your property on the lender’s behalf a credit report on you fees to assess flood risk of your property, or for ongoing monitoring of flood zone...

http://videotap.wistia.com/medias/y1kl1cgawn?embedType=async&videoFoam=true&videoWidth=640 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 Fees”, which are...

http://videotap.wistia.com/medias/f0vmr0ygjp?embedType=async&videoFoam=true&videoWidth=640 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 3 shows that. Likewise, Monthly...

http://videotap.wistia.com/medias/be5vi5dp1b?embedType=async&videoFoam=true&videoWidth=640 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 any of these events change...

http://videotap.wistia.com/medias/9mt8ia8155?embedType=async&videoFoam=true&videoWidth=640 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 YOUR eligibility or change the value...