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Category Archives: Trid

Understanding Loan Estimate Comparisons

By Messina Law Group, P.A. |

Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change over time. The APR shows interest PLUS fees… Read More »

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Your Rights And Rules For Closing Disclosures

By Messina Law Group, P.A. |

The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. It must be in writing – paper or digital. If the loan terms or costs change prior to consummation, your lender must provide a corrected disclosure AND an additional 3-business-day waiting… Read More »

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Understanding Your Loan: Closing Cost Details

By Messina Law Group, P.A. |

Page 2 of your Closing Disclosure details specific closing costs. Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points – prepaid interest. These figures should match your original Loan Estimate. Section B covers services for which you could NOT shop. The… Read More »

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Understanding Your Loan: Cash And Transaction Summaries

By Messina Law Group, P.A. |

Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided. The bottom line final “Cash to Close” is the money you will need in-hand in three business days. If your transaction has a… Read More »

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Understanding Your Loan: Additional Information Can Be Important

By Messina Law Group, P.A. |

Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the lender require early repayment of the loan? Late Payments: what penalty,… Read More »

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