Understanding Your Loan Estimate: Services You Cannot Shop For

Posted on October 3, 2016 by firsttitleandabstract

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!”

Your Loan Estimate

Posted on September 21, 2016 by firsttitleandabstract

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.

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.

What Happens After I’ve Applied For My Loan?

Posted on September 20, 2016 by firsttitleandabstract

What Happens After I’ve Applied for My Loan?

This brief video tells you what to expect after you’ve applied for a mortgage.

Once you’ve supplied the 6 required pieces of information and included any other information the lender deemed necessary, you’ll receive a Loan Estimate within 3 business days.

Waiting is the difficult part, but there are some important things you should not do until after your loan is actually funded and closed!

Very important, be smart, guard your credit while waiting for your loan to close:

1.) DO NOT CHANGE JOBS!

2.) DO NOT BUY A VEHICLE OR MAKE ANY MAJOR PURCHASE!

3.) DO NOT MAKE PALRGE BANK DEPOSITS!

4.) DO NOT CANCEL CREDIT CARDS!

What Happens After I’ve Applied for My Loan? Things NOT TO DO After Loan Application!

Once all the information has been verified if the loan is approved the lender will provide a Closing Disclosure to you three business days before loan consummation.

They’ll usually set a date for loan consummation – which may also be at your closing meeting.

Closing is basically transferring ownership of the property; consummation is commmitting to the loan itself.

Once both are completed, you should be planning your move-in.

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

We are the most established Naples title company serving Marco Island, Florida and Naples, Florida, and founded in 1978!

And we’re available to help you answer questions at any point of your transaction— not just questions about the title and closing process, but all facets of your sale or purchase.

Please don’t hesitate to call upon us!