Tag Archives: title charges

Understanding Your Loan Estimate: Services You Cannot Shop For

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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 your property
  • tax monitoring to keep track of your property tax payments
  • tax status research to assess the state of tax payments on the property.

While you can’t shop for these services, the price for these services in your final loan disclosure MUST match the price on the Loan Estimate; items in “Cannot Shop” have 0 tolerance for change.

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Understanding Your Loan Estimate: Services You Cannot Shop For – Know the Rules under TRID! The disclosures and timelines are for YOUR protection! Call us for help!

Federal laws exist to safeguard consumers during the home-buying process when a mortgage is involved.

If you have questions about any charges during your home-buying process, please contact your friends at First Title & Abstract, Inc.

We’re the title company in Naples and Marco Island which thousands of satisfied buyers and sellers have depended upon for honest and reliable services.

At First Title, we believe in “Putting You FIRST!”

Closing Costs Explained Visually

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This video explains some of the basics about closing costs.

At First Title & Abstract, Inc. our Marco Island and Naples offices are dedicated to making sure you understand upfront the estimated costs you will incur for closing.

Purchasing a home is exciting!

However, once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate.  Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

However, you need not be surprised!

Just have your Realtor request from us a preliminary settlement statement reflecting an estimate of your closing costs.

As you may know, closing costs simply refer to the fees associated with the escrow and closing process in a real estate transaction.

Typically, you will incur charges for tax pro-rations, homeowner’s association or condominium fee pro-rations, lender’s fees, including credit check and appraisal fees, points and loan origination charges, and pre-paid escrow fees for your escrow account with the mortgage company. As well, there will be title charges, including the settlement fee, abstract fee, courier and delivery fees, title insurance premiums, and recording costs paid to the clerk of court.

Should you desire a preliminary settlement statement for your closing, just click on the link below and complete some basic information about your sale or purchase. We will provide an estimate for you with no obligation or cost for this service!

At First title & Abstract, Inc. we believe an informed consumer is a happy customer.  All of us stand ready to serve you in your real estate transaction, and look forward to working with you!