Understanding Your Loan: Additional Information Can Be Important

  Independent Title wants to be sure you understand that page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the lender require […]

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Understanding Your Loan: Cash And Transaction Summaries

  Independent Title wants you to know that page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided. The bottom line final “Cash to Close” is the money you will need in-hand in three […]

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Understanding Your Loan: Closing Cost Details

  Independent Title wants you to understand page 2 of your Closing Disclosure. It displays the details specific closing costs. Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points – prepaid interest. These figures should match your original Loan Estimate. Section B […]

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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 3 shows that. Likewise, Monthly Principal & Interest aren’t […]

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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 any of these events change 3rd-party charges beyond the 10% tolerance limit creditors may […]

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What Are Real Estate Commissions?

  Like the video says – real estate agents aren’t paid by the hour! They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the commission is typically split between them. In the US, real estate commissions are commonly 6% […]

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