Understanding Your Loan Estimate: Services You CAN Shop For
Most title companies in Naples and Marco Island won’t tell you that you can shop for certain services.
We believe in full disclosure with our customers and will always tell you what is optional and what is required.
Title and other services paid to outside parties may be among those which you may shop and compare.
This is true for a variety of services.
These might include pest inspection, home inspections, certain lender-required fees, a survey to verify property lines, and a range of closing and title services. Selecting a vendor on price alone is often a bad idea, but it’s always good to compare prices if you aren’t sure your designated provider’s cost estimate is in line with the marketplace.
Closing services you may shop for may include:
- a Lender’s title policy, which protects their legal interest in their loan collateral- usually the property itself
- settlement agent fees, paid to the individual or company responsible for facilitating the final transaction
- Title Search, which clarifies and documents legal ownership of the property
- a title insurance binder, which allows potential future use of the current title search results, conditions and exclusions for a short period to lower the cost of future title insurance.
Understanding Your Loan Estimate: Services You CAN Shop For
If you select service providers from the list provided by the lender, their fees cannot change by more than 10% between the Loan Estimate and the final Loan Disclosure. If you select other providers the lender is not responsible for changes in those costs.
When selecting a title company on Marco Island or Naples— choose First Title & Abstract, Inc. — we are the FIRST choice for title among real estate professionals and buyers and sellers.
First Title & Abstract, Inc. — “Putting You FIRST!”