Category Archives: Trid
Understanding Loan Estimate Comparisons
[wistia id=”wt5kfbtx6c”] 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… Read More »
Your Rights And Rules For Closing Disclosures
[wistia id=”f1sglzgsot”] 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… Read More »
Understanding Your Loan: Closing Cost Details
[wistia id=”mgdzdjtdlh”] 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… Read More »
Understanding Your Loan: Cash And Transaction Summaries
[wistia id=”d32elouemm”] 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… Read More »
Understanding Your Loan: Additional Information Can Be Important
[wistia id=”v0w3xtix7b”] 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:… Read More »