Posts tagged Closing
Loan Estimate and Closing Disclosure Forms
Loan Estimate and Closing Disclosure Forms

Any time a potential borrower applies for a home loan in the U.S., the lender is legally obligated to send them a Loan Estimate within three business days of their application. A Loan Estimate can provide you with a variety of important information about the mortgage you’re interested in, including an estimate of the interest rate you’ll be charged, an estimate of your monthly payments, and an approximation of the closing costs you’ll face. And, within a minimum of three business days before a mortgage closes, a lender is legally obligated to give the borrower a Closing Disclosure form. This explains the actual, real terms of the mortgage.

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Home PurchaseHome.LoansHome.Loans, LLCTILA RESPA Integrated Disclosures, TRID, TILA, RESPA, Closing Process, Closing, Closing Disclosures
Are mortgage closing costs negotiable?
Are mortgage closing costs negotiable?

First and foremost, it is imperative to remember that you ultimately choose your mortgage lender, which means, there are choices – and the lender has the primary impact on the charges tacked on to your closing costs. This fact is advantageous to the buyer and should be used as a tool to compare estimated closing costs that lenders detail in the Loan Estimate.

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Home LoansHome.LoansHome.Loans, LLCClosing Costs, Closing, Closing Process, Loan Fees, Mortgage Fees, Home loan
Are closing costs included in the mortgage loan?
Are closing costs included in the mortgage loan?

Closing costs are the fees charged for services provided by your lender to assist in closing on a property. The fees are typically required to be paid upfront at closing; however, depending on your specific loan to value ratio, and the equity in your home or loan type, you may be able to roll the closing costs into the mortgage loan. 

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Home LoansHome.LoansHome.Loans, LLCClosing Costs, Home Finance, Home Loans, Home Purchase, Loan Fees, Mortgage Fees, Closing, Closing Process
How Much Does it Cost to Close on a House?
How Much Does it Cost to Close on a House?

Closing costs are the charges paid to purchase and settle on a property and are unrelated to reducing the principal loan amount. Usually, the amount paid for closing is between two and five percent of the price of the home, and typically the fees are listed on an estimate provided by the lender in response to your submitted application for the home loan.

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Home PurchaseHome.LoansHome.Loans, LLC Closing, Closing Costs, Closing Process, home buyer, Home Purchase
What Happens the Day of Closing on a House?
What Happens the Day of Closing on a House?

Closing is primarily for the buyer and seller to review and sign the documents that transfer the ownership of the home, and to record the way the buyer would like to take title of the home. The buyer will sign off on a promissory note confirming the agreed-upon amount owed for mortgage and other legal documents.

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Home PurchaseHome.LoansHome.Loans, LLCClosing, Home Purchase, Closing Process
What do You Need to Bring to Closing on a House?
What do You Need to Bring to Closing on a House?

The specific items required to bring to your home closing are typically disclosed by the title company or the loan officer. In general you are asked to bring the following:

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Home PurchaseHome.LoansHome.Loans, LLC Closing, Home Purchase, documentation
How Long Does it Take for a Closing on a House?
How Long Does it Take for a Closing on a House?

Your offer was accepted and you’ve now entered the closing period (dun dun dun!). The window of time it takes to close on a home may depend on many variables – I know, as if the process could actually get any easier. Generally speaking, the time frame for closing on a home should be noted on your sale contract to give you an idea and will typically take 30-45 days on a home that is financed.

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Home PurchaseHome.LoansHome.Loans, LLC Home Purchase, home financing, Closing
What Are the Closing Costs on a Reverse Mortgage?
What Are the Closing Costs on a Reverse Mortgage?

The closing costs for a reverse mortgage are dependent on the type of reverse mortgage loan chosen, the lender chosen and the money taken out upfront. Here, find a list and brief explanation of typical fees at closing.

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Home LoansHome.LoansHome.Loans, LLCReverse Mortgage, Closing, Closing Costs, Fees, HECM