Tag Archives: mortgage financing

Your Loan Estimate

Posted on by

 

Your Loan estimate is one of the most important documents you’ll receive during the mortgage process.

We know, because First Title & Abstract, Inc. is the oldest and most established Naples title company, and we have decades of experience working with loan officers and borrowers in calculating closing cost estimates.

trid_guideLE

Your Loan Estimate – A Brief Tutorial

Your loan estimate from you mortgage lender will list your loan’s projected upfront costs, and monthly payments, including your escrow expenses for taxes and insurance.

Also, it will show your loan’s Annual Percentage Rate and Total Interest Percentage to give you an idea of the total cost of the loan.

Under federal law, each lender must supply a loan estimate within three business days of your application so that you can make accurate comparisons when shopping for a loan.

For more information about your loan estimate, please review the video above, and don’t hesitate to contact your loan officer, or any of us at First Title & Abstract, Inc.

We can explain all the features of your loan and help you evaluate whether the charges are fair and legal.

We are the title company that Naples, Florida and Marco Island property buyers have come to trust!

Licensed, bonded, and insured, we’re fully compliant with the latest federal lender and title agent closing requirements.

“Putting You FIRST!” means putting ourselves in your shoes, and helping you understand your loan before you sign your documents.

How Are Pre-Qualifying And Pre-Approval Different?

Posted on by

 

How are pre-qualifying and pre-approval different?

Pre-qualification is an informal way to see how much you maybe able to borrow.

You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you.

mortgage-preapproval

A Mortgage Pre-Approval is Your Ticket to a Ratified Sales Contract

It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

At First Title & Abstract, Inc. we believe in “Putting You First!”

And we encourage our clients to put first things first, too!

Getting pre-qualified for a loan is a good first step.

But when you get serious and are ready to shop and employ a Realtor, you should obtain a pre-approval letter as this will enhance your chances as a buyer of having your offer to purchase accepted by the seller.