What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off a…
Read more
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 title policy, which protects their legal interest in their loan collateral-…
Read more
Understanding Your Loan Estimate: Services You Cannot Shop For
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 changes related to…
Read more
Could My Loan Costs Exceed The Loan Estimate?
Yes, within defined limits Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written list. In addition, prepaid interest, property insurance premiums and escrow or reserve deposits may change without legal tolerance limits. Charges for recording services, and 3rd-party services…
Read more
