Be prepared for your Mortgage Closing.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Be prepared for your Mortgage Closing."

Transcription

1 Be prepared for your Mortgage Closing.

2 The Process That Leads Up to Your Mortgage Closing. Once you ve purchased your property and completed a loan application, or made a loan application for a refinance, you should begin the preparation for the settlement or loan closing. This is the process whereby in a purchase you will receive ownership of the property and all money will change hands. The seller will receive their proceeds, the Realtor(s), if involved, will receive their commission(s) and the lender will provide the money to complete the sale and receive their fees and costs associated with their granting of this loan. The settlement, or closing, is conducted by a title or closing agent, which may be an attorney, who represents the title insurance company and the lender. If your loan is for a refinance the closing agent will obtain funds from your lender to pay off any existing liens and make a final distribution of funds three business days after the closing. When refinancing a loan for an investment property or second home there is no three day waiting period. In connection with your loan application the lender will start a process to ensure you qualify for your loan. By law this process must verify and validate that you have the financial ability to repay the loan. The lender will obtain a credit report to identify your current credit profile and recurring monthly debts. This report will also provide your credit score. The score is very important as it is an indicator of how you use credit and repay your obligations. The higher the score the better. In most cases a score will be reported by the three separate credit bureaus. These are the entities that keep all credit information throughout the country. The lender will take the middle score reported. If there is more than one applicant on your loan the lender will use the lowest of all middle scores reported to determine acceptability for the loan approval. This information will be updated just prior to your page1

3 closing so it is important to stay current on all obligations during the process and not make any major changes in your debt obligations. Immediately notify your lender of any changes which will increase your monthly recurring debt payments. During the loan process you ll be asked to provide your lender with a variety of information and documentation to verify your employment, income and the money you ll use to pay for the down payment and closing costs. Your recurring monthly debts, the new mortgage payment and your income will determine your qualification for the loan you request. Once approved you ll select a loan option and interest rate and begin to prepare for the closing. It is important that you stay in constant contact and communicate with your lender regarding any changes in your financial status, including any changes in your income or employment. Your lender will re-verify this information just prior to the closing so if it changes it could create some problems. You may be asked to provide your complete personal, and business (if self employed), tax returns, including all schedules. Know that the lender will require you to provide a signed and dated IRS 4506-T form so they can obtain transcripts of these returns directly from the IRS for validation and comparison. The lender will also verify the source of all the money you use to complete the purchase. This includes your down payment(s) and the money you need to bring to closing. You cannot borrow money for your down payment or the closing costs. The money used must be yours or it may come from a gift from a parent of other relative. The source of such gifts must also be verified by the lender, with evidence of a transfer of the gift funds from the donor to you prior to, or at, the closing. As you can see the lender will do a comprehensive review of your credit, income, employment and assets to make reasonably sure you can repay the new mortgage debt under the terms of the loan agreement. The faster you provide the information requested, the quicker your loan will be approved and the sooner you can close and move into your new home. page2

4 It s Now Time To Prepare For Your Closing. Following your loan application the lender will provide an estimate of the fees and charges you should expect to pay in connection with the mortgage. These are the costs associated with getting the loan. Not all the fees will be paid to the lender. Some will go toward the cost of your credit, the appraisal on the property you are buying, some title services, title insurance policies and transfer taxes. Keep this estimate handy as you will use it to compare the final fees and costs you pay at your closing. The lender may not charge you any fee in connection with the mortgage loan that they do not list in this estimate. If things change during your loan process the lender may provide you with an updated estimate of fees and charges. This can be done if something changes on your loan that would directly affect one of the fees, like increasing your loan amount. You will also receive an updated estimate when you lock your interest rate. In this case the only fees which may change are those directly related to the rate lock. Other fees may not change. Be sure to discuss all estimates received from the lender so you fully understand what is being charged to you and why. Don t wait until your closing, get your answers before then! In preparing for the closing you will need to: 1. Obtain the insurance needed on the property. This will include homeowner s coverage equal to at least the new mortgage amount or for the full replacement cost value of the property you finance. If the property is determined to be in a flood zone you must also obtain flood insurance. page3

5 You should speak with your Realtor or insurance agent about the type of coverage required and the amount needed. This should be done early in the process. Do not wait until the last minute to shop for the required insurance coverage. If you are buying a condo the insurance should already be in place through the condo association. The cost of this coverage will be included in your monthly condo fee. However you may be required to obtain additional property and/or contents coverage. Check with your lender on what condo coverage is needed and then with the condo association to make sure the coverage they carry is sufficient. Again, do not wait until the last minute. When purchasing new insurance coverage the effective date of the new policy must be as of the closing date, and the policy(s) must be paid in advance for the first full year. Policies which combine coverage, e.g. auto and home, may present a problem for some lenders so check with your lender early in the process. 2. Make arrangements for a title search on the property being financed and for required title insurance. Most lenders will require you obtain insurance on the title to protect the lender. You should also purchase a policy to protect your interests. This is up to you. Title insurance is coverage to protect you and the lender against any problem or violation in the chain of title to the property. Maybe there was an illegal transfer of the property years ago which went unnoticed, or the owner made modifications to the lot, or improvements to the property, which do not conform to local building codes. A search should detect such problems and the title policy will protect you and the lender from any action which may come about as a result. In most cases your Realtor or builder will make arrangements for the closing agent who will also take care of the title search and policies needed. However you have the right and option to select the title company you prefer. The closing agent, or closing attorney, will coordinate the settlement with all interested parties and provide you with the costs for the closing. These are costs in addition to those provided to you by the lender. These will include estimates for taxes which may be due, added assessments on new construction homes, recording fees and other costs which may be charged to close on your property. Ask you closing agent/attorney to provide you with a breakdown of these charges well in advance of the settlement. 3. You will need to bring a certified check, or wire the money, to closing for the balance of any down payment and all closing costs. page4

6 Your Title/Closing Agent The individual who will conduct your closing may be from a title agency, a title company or may be an attorney. Regardless, the closing agent will act as mediator to conduct the settlement, collect and disburse all money, and protect the interests of the lender and the title company insuring the loan. The closing agent does not represent you. If you want representation you may hire a lawyer, but this will be at your own expense. This fee is not included in any estimates you receive from the lender or the closing agent. This is entirely up to you. About 5 days prior to your scheduled closing you should ask the closing agent and your lender to provide you with a detailed estimate of everything to be charged to, and due from, you at the settlement. This should include a breakdown of the lender s fees and charges, which you can compare against their most recent estimate, the detail of all other costs you will pay at closing and how much money you need to bring to the closing table. Remember this must be certified funds. Review this carefully to make sure you understand, and agree with, all the charges that you will pay. Make sure you get any answers or explanation before going to the closing table. The closing agent will conduct the closing and provide you with the documentation you need to review and sign. This is important. Ask the closing agent for an explanation of the documents you are signing if you do not have anyone there to represent you. There are many documents so don t be afraid to ask. You have the right to know and understand the meaning of the documents you sign. Be prepared to spend a few hours at the closing. Don t rush it; take your time and make sure you understand the process, everything you sign and all the charges. It s important since the closing is the final step in your ownership of the financed property. Once everything is signed the closing agent will collect and disburse the money to complete the transaction. page5

7 Documents... Documents... And More Documents. Be prepared to sign a large volume of documents at your closing. Aside form the Mortgage/Deed of Trust and Note you will sign a number of disclosures and acknowledgments. The vast majority of these documents are intended for your protection and are required by either state or federal law, or both. Do not be discouraged the end is in sight! The most important of these documents are the Mortgage/ Deed of Trust and the Note, with any accompanying Riders, the Truth in Lending and final closing statement. Lets look at each: 1. Mortgage/Deed of Trust: this is the security instrument. It indicates that you are giving the property as collateral for the loan and as a result the lender will hold a lien against the title. Because the property is the collateral, you must maintain it in good livable condition and continue to carry adequate insurance coverage to protect against any damage. You can not transfer ownership of the property without the approval of the lender. You can borrow more money against the property but any new lien will be second to that held by the first mortgage lender. The Mortgage/Deed of Trust will be recorded in the county of the state in which the property is located, as part of public record. page6

8 2. Note: this is your agreement to repay the loan. The Note will lay out the terms of the loan, the rate, the monthly payment(s) toward interest and principal and the maturity date of when the debt will be repaid in full. If you get an Adjustable Rate Mortgage, the note will also indicate the margin, index and any change caps which will determine your payment changes during the term of the loan. The Note is not recorded, nor made part of any public record. 3. Riders: these are attachments or addenda to the either the Mortgage/Deed of Trust or the Note. These documents outline and explain specific terms and conditions not covered in the Mortgage/ Deed of Trust or the Note. They may include information about the loan repayment under the adjustable rate terms or specify collateral conditions in the event that you are purchasing an investment property. Any Riders to the Mortgage/Deed of Trust are recorded, those to the Note are not. 4. Truth in Lending Disclosure (TIL): this is a document that provides you with the overall cost of the loan in an annual percentage rate (APR) and finance charges. This is the total the loan will cost you over the life of the loan, which includes the payment of the interest, principal and most of the other fees you paid in connection with the loan. The annual percentage rate (APR) listed on this form at day of closing may not be more than.125% above the APR on the last TIL disclosure which you received from your lender. That TIL disclosure must have been received by you at least three (3) full business days prior to your closing. The APR reported on the TIL disclosure includes origination charges, settlement services, and any discount points you pay. It does not include the costs you pay for the appraisal, credit, title insurance, homeowners insurance, real estate taxes, recording fees, or any escrowed items. Accompanying the TIL should be an Itemization of the Finance Charges which lists those fees included in the APR. These fees and the APR are partly determined by the interest rate on your loan. Be aware, the monthly payment for principal and interest as indicated in your Note is determined by the loan s interest rate which is also listed in the Note. The rate can only change based on the terms of the Note and any Riders. If you have a fixed rate loan your payment for principal and interest will page7

9 not change over the life of your loan. If you have an ARM loan the rate and payments will adjust periodically depending on the ARM plan. Such adjustments are spelled out in the Note and the Riders. If your loan payment includes a monthly escrow payment for the annual payment of the real estate taxes and insurances, your payments may be adjusted periodically by the lender to ensure the collection of sufficient money to cover these annual expenses. 5. Other Disclosures/Documents: You are required to sign a number of other documents at the closing that provide you information and protection. Most of the documents you must sign are the result of federal and state laws enacted for consumer protections. Such documents include a statement on how you intend to use or occupy the property. This is important as the lender provides money at rates dependent upon the risk involved. If you will not occupy the property as your primary residence it presents a greater risk so the rate may be a little higher. Other documents acknowledge that you have received, read and understand information about the loan, its terms and conditions. There are affidavits certifying your name and other identifying information, with acknowledgments and certifications confirming that all information you provided in connection with the loan application and its approval is true and correct, and you have made no misrepresentations. Take the time to read and understand each document before you sign it. If you are not sure of the intent or content of a document, ask for an explanation from the closing agent or the lender before you sign it. 6. Settlement Statement: this is a final accounting of the process. This document lists the names of the parties and the terms of the transaction. A financial accounting is done for the buyer and seller in a purchase, or for the borrower in a refinance. This form lists all fees and charges for all parties and indicates any amounts due from, or to, each party. This form should be explained completely by the closing agent and reviewed very carefully as it is the final accounting of what happened and what you are charged. The fees and charges from the lender should match those provided to you in the lender s most recent estimate. page8

10 Congratulations On Your New Home! Once everything is properly signed by all parties the closing agent will collect all money and make any distribution of funds due to the seller and realtor for a purchase transaction, the refinance of an investment property, or a true second home. If the loan is a refinance of your primary residence, the loan proceeds may not be released until three (3) full business days after the closing takes place. During this period you have a right to rescind (cancel) the transaction by notifying the lender in writing prior to end of the third business day. Otherwise the closing agent will release any funds at that time. Once funds are released the closing agent will file the Mortgage/Deed of Trust for recording. You should receive copies of everything you sign at the closing for your records. page9

11 About the Author Michael L. Vitali, Sr., SVP/Chief Compliance Officer Michael Vitali presently serves as the Chief Compliance Officer of LoanLogics where his responsibilities include monitoring regulatory developments and their practical implications for lenders, servicers and vendors. He has over 40 years of experience in all facets of mortgage lending. Before joining LoanLogics, Mike most recently served for more than 12 years as an EVP and Chief Risk Officer for a major national lender. He also served as legislative chair for both the MBA of Greater Philadelphia and MBA of Pennsylvania, and is a member of several task forces dealing with compliance issues for the National MBA. Prepared For The ABA Courtesy Of LoanLogics, Inc. LoanLogics was founded to improve the transparency and accuracy of the mortgage process and improve the quality of loans. With the industry s first Enterprise Loan Quality and Performance Analytics Platform we serve the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance and reliability throughout the loan lifecycle. Our advanced solutions help clients validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. Our technology is supported by compliance and risk expertise that aligns with our customers need to address their own highly regulated environments. This material is provided as a general information service by LoanLogics, Inc. and its applicable subsidiaries and affiliates ( LoanLogics ), and is not intended to provide financial, regulatory or legal advice on any specific matter. The information contained herein reflects the views of LoanLogics and sources reasonably believed by LoanLogics to be reliable as of the date of this publication. LoanLogics does not make any representation or warranty regarding the accuracy of the information contained in this material, and there is no guarantee that any projection, forecast or opinion in this material will be realized. Any links provided from outside sources are subject to expiration or change LoanLogics, Inc. All Rights Reserved. page10

Your Mortgage Guide: The Process, Meet Your

Your Mortgage Guide: The Process, Meet Your Your Mortgage Guide: The Process, Meet Your Team, Definitions, and Frequently Asked Questions Getting Started The first step begins by completing your mortgage application. You may hear this referred to

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement Coming to Grips With Settlement What to Know Before Your Closing The closing, also known as the settlement, is the last step in getting your mortgage and actually becoming

More information

Borrow Wisely with these Keys: Local servicing Pre-approvals Competitive interest rates Personal service Tailored loan programs*

Borrow Wisely with these Keys: Local servicing Pre-approvals Competitive interest rates Personal service Tailored loan programs* Your Home Financing Process Checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

INTERACT WITH CAPITOL FEDERAL

INTERACT WITH CAPITOL FEDERAL TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. EMAIL your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient

More information

FHA Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after January 26, 2015 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

Guide to Purchasing a Home

Guide to Purchasing a Home Your journey to homeownership starts at your credit union. Purchasing your first home is a big decision, and it may even seem overwhelming. Rest assured Beacon Credit Union is here to assist you in understanding

More information

Fifth Third Home Buying Guide. A Guide to Residential Home Buying.

Fifth Third Home Buying Guide. A Guide to Residential Home Buying. Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder

More information

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process Four Easy Steps You have found the right home at the right price in the right location. Now

More information

Your home financing process checklist

Your home financing process checklist Your home financing process checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

HOME BUYING101. 701.255.0042 www.capcu.org i

HOME BUYING101. 701.255.0042 www.capcu.org i HOME BUYING101 701.255.0042 www.capcu.org i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended,

More information

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You?

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You? Your First Steps toward Homeownership Identify the type of mortgage that meets your specific financial needs Getting Started Many people don t consider buying a home because they re afraid they can t afford

More information

A Consumer s Guide to. Buying a Co-op

A Consumer s Guide to. Buying a Co-op A Consumer s Guide to Buying a Co-op A Consumer s Guide to Buying a Co-op In the United States, more than 1.2 million families of all income levels live in homes owned and operated through cooperative

More information

Understanding the (GFE) Good Faith Estimate

Understanding the (GFE) Good Faith Estimate A good faith estimate is a document that estimates the total costs to get a loan when you are buying or refinancing a home. The good faith estimate details costs you will incur on all loan related fees

More information

Home Buyers. from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.

Home Buyers. from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust. Information for First-time Home Buyers An overview of the mortgage process, from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.com NMLSR#

More information

WHAT IS TITLE INSURANCE?

WHAT IS TITLE INSURANCE? WHAT IS TITLE INSURANCE? A title is the collective ownership records of a piece of real estate, including the transfer of any property rights and any loans using the property as collateral. A clear line

More information

Your home financing process checklist

Your home financing process checklist Darrin R Van Loo Home Mortgage Consultant Phone: 231-439-1119 Cell: 231-675-5833 Fax: 866-443-0471 3890 Charlevoix Ave, Suite 360 Petoskey, MI 49770 www.wfhm.com/wfhm/darrin-vanloo/index.page darrin.r.vanloo@wellsfargo.com

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

More information

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN 5/5 ARM HOME LOAN RATES AND TERMS Effective October, 015 and subject to change. Get flexibility, stability and no closing costs 1 with SDCCU s 5/5 Adjustable Rate Mortgage Home Loan. Your rate can only

More information

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement

More information

HOME FINANCING GUIDE

HOME FINANCING GUIDE HOME FINANCING GUIDE SECTION 1: Mortgage Loans Available Fixed Rate Mortgages A fixed rate mortgage is a home loan with a rate that remains the same over the entire term of the loan, regardless of how

More information

UNDERSTANDING THE LOAN ESTIMATE

UNDERSTANDING THE LOAN ESTIMATE The following breaks down the Loan Estimate by section with examples from Encompass followed by official commentary. Also attached, is a copy of a completed Loan Estimate form provided by the Encompass..

More information

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy.

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. 1) The sale must be an Arm s Length Transaction which means that you must be buying from

More information

HOMEBUYER S GUIDE. Know what it takes to buy your first home

HOMEBUYER S GUIDE. Know what it takes to buy your first home HOMEBUYER S GUIDE Know what it takes to buy your first home homebuyer s guide If you re thinking about buying a home, we say congratulations. Most likely, it s the biggest purchase decision you ve made

More information

Buying your first home.

Buying your first home. Financial Milestones: Buying your first home. What you should know to make the process easier and more rewarding. Everything you wanted to know about buying your first home Buying your first home can be

More information

First-Time Home Buyers Guide

First-Time Home Buyers Guide Wisconsin REALTORS Association First-Time Home Buyers Guide Congratulations! You have decided to buy a new home. This booklet will help you take this big step by describing the key issues you will deal

More information

Glossary of Lending Terms

Glossary of Lending Terms Glossary of Lending Terms Adjustable Rate Loan or Adjustable Rate Mortgage (ARM) A loan with an interest rate that changes during the term of the loan. The payments generally increase or decrease with

More information

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i HOME BUYING101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

THANK YOU FOR CHOOSING CAPITAL ONE BANK

THANK YOU FOR CHOOSING CAPITAL ONE BANK KNOW ALL THE STEPS THANK YOU FOR CHOOSING CAPITAL ONE BANK WE RE HAPPY THAT YOU VE COME TO US FOR YOUR HOME LOAN NEEDS, AND WE LOOK FORWARD TO MAKING THE APPLICATION PROCESS AS CLEAR AS POSSIBLE. THIS

More information

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather chapter 9 Loan Closing You ve waited and worked so hard and the big day is here at last. You ll sign lots of papers, hand over lots of money, and finally get the keys to your new home. Closing will complete

More information

A GUIDE TO HOME EQUITY LINES OF CREDIT. Call or visit one of our offices today to see what products in this guide we have to offer you!

A GUIDE TO HOME EQUITY LINES OF CREDIT. Call or visit one of our offices today to see what products in this guide we have to offer you! A GUIDE TO HOME EQUITY LINES OF CREDIT Call or visit one of our offices today to see what products in this guide we have to offer you! TABLE OF CONTENTS Introduction What is a home equity line of credit

More information

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001 Home Buyer s H A N D B O O K Helpful Information to Find and Finance Your Next Home www.colonialnationalmortgage.com 1-800-937-6001 The information herein is subject to change and is not an offer to extend

More information

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636

More information

We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing

We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing Table of Contents How it works 3 Getting started 4 The construction-to-permanent loan process 5 The construction

More information

Start with Some Calculations. Use our calculators to obtain valuable mortgage financing information.

Start with Some Calculations. Use our calculators to obtain valuable mortgage financing information. MORTGAGE IT S A NORTH SHORE MORTGAGE! What does it mean when we say It s not just a mortgage; it s a North Shore Mortgage? It s our way of saying that we re more than just another mortgage company. In

More information

Obtain Information from Several Lenders

Obtain Information from Several Lenders ESPAÑOL Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it s a home purchase, a refinancing, or a home equity loan--is a product, just like

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. HOME buying Made Easy PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Obtain Information from Several Lenders

Obtain Information from Several Lenders Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it s a home purchase, a refinancing, or a home equity loan--is a product, just like a car,

More information

Mortgage Fraud Home Equity Scams Choosing a Loan

Mortgage Fraud Home Equity Scams Choosing a Loan Mortgage Fraud You could lose your home and your money if you borrow from unscrupulous lenders who offer you a high-cost loan based on the equity you have in your home. Certain lenders target homeowners

More information

The Smart Consumer s Guide to the New Good Faith Estimate

The Smart Consumer s Guide to the New Good Faith Estimate The Smart Consumer s Guide to the New Good Faith Estimate Practical insights on how to use the new GFE and HUD-1 to save money on closing costs for a purchase or refinance. Copyright 2010 ENTITLE DIRECT

More information

Homebuyer Education: What You Need to Know

Homebuyer Education: What You Need to Know Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct

More information

CRMS Exam Study Guide

CRMS Exam Study Guide CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional

More information

Loan and Line of Credit. Home Equity

Loan and Line of Credit. Home Equity Loan and Line of Credit Home Equity Table of Contents Welcome... 2 Your Most Valuable Asset... 2 Compare Options... 2 Home Equity Loan... 3 Home Equity Line Of Credit... 3 Who Can Get An Equity Loan?...

More information

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701 Illinois Association of REALTORS 522 S. Fifth Street Springfield, IL 62701 www.illinoisrealtor.org www.yourillinoishome.com HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs

More information

What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM

What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM Effective March 1, 2008 The Housing Financial Discrimination Act of 1977 Fair Lending Notice It is illegal to

More information

HOME BUYING MADE EASY. Know what you need to get it right.

HOME BUYING MADE EASY. Know what you need to get it right. HOME BUYING MADE EASY Know what you need to get it right. HOME BUYING MADE EASY PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC has

More information

We ll help you open the door.

We ll help you open the door. We ll help you open the door. The Citizens Guide to Home Financing Lori Customer Table of Contents Before you look 4 The costs of purchasing a home 4 Getting a head start: Pre-approval 6 Choosing a mortgage

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

SafeGuard Capital partners

SafeGuard Capital partners SafeGuard Capital partners Private Lending: Mortgages & Trust Deeds 900 Washington St, Suite 800 Vancouver, WA 98660 877-280-5771 Private Mortgage Lending (Also Known as Trust Deed Investing) Most investors

More information

Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually.

Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Glossary Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Amortization the way a loan is paid off over time in installments, detailing

More information

A Consumer s Guide to Title Insurance. Developed by the Michigan Land Title Association

A Consumer s Guide to Title Insurance. Developed by the Michigan Land Title Association A Consumer s Guide to Title Insurance Developed by the Michigan Land Title Association Why do you Need Title Insurance? Buying a home is the single largest investment most people will ever make. Title

More information

Title/Settlement Agent Application

Title/Settlement Agent Application Title/Settlement Agent Application Completed Forms MUST be returned to Live Well Financial, Inc.: Email: counterpartyapproval@livewellfinancial.com *This application to be returned to above email address

More information

A better way to buy a home.

A better way to buy a home. A better way to buy a home. Company NMLS : 227262 ABOUT USA MORTGAGE At USA Mortgage, a subsidiary of DAS Acquisition Company, LLC., our mission is the unrelenting pursuit of perfection, and we pride ourselves

More information

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership Your Reverse Mortgage Guide Reaping The Rewards Of A Lifetime Investment In Homeownership Contents Make The Most Of Retirement!...3 Program Overview...3 4 What Is A Reverse Mortgage? Why Get A Reverse

More information

Mortgage Myths. 77 Secrets That Will Save You Thousands on Home Financing

Mortgage Myths. 77 Secrets That Will Save You Thousands on Home Financing Brochure More information from http://www.researchandmarkets.com/reports/2242856/ Mortgage Myths. 77 Secrets That Will Save You Thousands on Home Financing Description: In Mortgage Myths, Realtor Ralph

More information

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins.

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number

More information

Signing Professionals Workgroup Notary Signing Agent Signing Presentation Guidelines Refinance

Signing Professionals Workgroup Notary Signing Agent Signing Presentation Guidelines Refinance Signing Professionals Workgroup Notary Signing Agent Signing Presentation Guidelines Refinance The Signing Presentation Guidelines provide signing professionals recommended descriptions of closing documents

More information

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages Mortgage Loans Understand the Terms of Your Loan before You Sign This brochure can help you determine what is best for your situation, become familiar with mortgage loan terms, and learn what is involved

More information

Section 184 Indian Home Loan Guarantee Program FOR HOMEBUYERS

Section 184 Indian Home Loan Guarantee Program FOR HOMEBUYERS Section 184 Indian Home Loan Guarantee Program FOR HOMEBUYERS Q&As About Purchasing a Home with a Section 184 Guaranteed Loan 1. WHAT IS THE PURPOSE OF THE 184 LOAN GUARANTEE PROGRAM? A home is more than

More information

This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made

This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made technical updates to the booklet to reflect new mortgage

More information

BUYING A HOME. Do your homework. Gather all the basic information about your income, existing debts and credit history.

BUYING A HOME. Do your homework. Gather all the basic information about your income, existing debts and credit history. BUYING A HOME Buying a home is a big step. Whether you are buying your first home or buying a newer home, there are many issues that you need to think about to make sure that you are ready to make such

More information

UMB Mortgage Solutions. Home Buying 101

UMB Mortgage Solutions. Home Buying 101 UMB Mortgage Solutions Home Buying 101 1 Agenda Are You Ready to Buy a Home? Selecting a Lender Mortgage Loans Getting Started Home Checklist Purchase Contract Questions 2 Home buying Terms Mortgage Lender

More information

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact:

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact: CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002 AN ACT to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of

More information

Review and Approvals. 2 Short Sales. 3 Short Sales. 4 Short Sales. 5 Short Sales. 6 Short Sale is approved! Now what? 7 What s the next step?

Review and Approvals. 2 Short Sales. 3 Short Sales. 4 Short Sales. 5 Short Sales. 6 Short Sale is approved! Now what? 7 What s the next step? 2 Short Sales Review and Approvals Presented by: Kelly Ashton Underwriting Specialist 3 Short Sales A Short Sale occurs when the homeowner owes more on their mortgage than the price for which the property

More information

Outstanding mortgage balance

Outstanding mortgage balance Using Home Equity There are numerous benefits to owning your own home. Not only does it provide a place to live, where you can decorate as you want, but it also provides a source of wealth. Over time,

More information

Sierra Lending Group LLC Document Check List

Sierra Lending Group LLC Document Check List Sierra Lending Group LLC Document Check List The following documents will be needed for full credit approval: Application 1. Fully completed and signed initial 1003. Please make sure to provide all assets

More information

800.550.9435 www.pwsb.com

800.550.9435 www.pwsb.com 800.550.9435 www.pwsb.com Thinking of buying your first home? Bet you re pretty nervous, huh? Maybe even cold sweats nervous. How in the world are you going to afford it? Where do you start? All these

More information

VA Assumption Package With Release of Liability *Please Read Carefully*

VA Assumption Package With Release of Liability *Please Read Carefully* VA Assumption Package With Release of Liability *Please Read Carefully* The loan must be current PRIOR to the receipt of the Assumption Package. The assumption process will NOT begin until the below items

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

HOME EQUITY LINES OF CREDIT

HOME EQUITY LINES OF CREDIT HOME EQUITY LINES OF CREDIT WHAT YOU SHOULD KNOW ABOUT HOME EQUITY LINES OF CREDIT: More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for

More information

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS In this packet... Introduction... 2 TDHCA s Homebuyer Assistance Options... 2 My First Texas Home (MFTH)... 2 Texas Mortgage Credit Certificate (MCC)... 2 Features of TDHCA s Homebuyer Assistance Programs...

More information

Point Loma Credit Union - Mortgage Rates October 22, 2015

Point Loma Credit Union - Mortgage Rates October 22, 2015 Point Loma Credit Union - Mortgage Rates Home loans are available on residential zoned properties located in California. All applications are subject to lending criteria approval including, but not limited

More information

Table of Contents How to Use the Closing Dis closure (CD)... 42 How to Compar e the Closing Dis closur e t o the L oan Estima

Table of Contents How to Use the Closing Dis closure (CD)... 42 How to Compar e the Closing Dis closur e t o the L oan Estima 1 Table of Contents Refinance Process Checklist... Refinance Process Timeline... Refinance to Lower Your Interest Rate... Refinance to Reduce Your Mortgage Term... Refinance to Convert Your Adjustable

More information

Mortgage Terms. Accrued interest Interest that is earned but not paid, adding to the amount owed.

Mortgage Terms. Accrued interest Interest that is earned but not paid, adding to the amount owed. Mortgage Terms Accrued interest Interest that is earned but not paid, adding to the amount owed. Negative amortization A rise in the loan balance when the mortgage payment is less than the interest due.

More information

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate CORRESPONDENT Compliance Manual Instructions to Complete the TRID Loan Estimate Compliance Department 9/14/2015 2015 Impac Mortgage Corp. NMLS #128231. www.nmlsconsumeraccess.org. Rates, fees and programs

More information

Point Loma Credit Union - Mortgage Rates June 17, 2016

Point Loma Credit Union - Mortgage Rates June 17, 2016 Point Loma Credit Union - Mortgage Rates Home loans are available on residential zoned properties located in California. All applications are subject to lending criteria approval including, but not limited

More information

Refinancing Your Home Loan

Refinancing Your Home Loan Refinancing Your Home Loan Part 1: Should You Refinance? Reasons and Strategies Related Topics Part 2: Refinancing Costs Part 3: Reconveyance A Final Step When You Pay Off a Loan Quick summary: If you

More information

An Easy Guide to Buying a Home

An Easy Guide to Buying a Home An Easy Guide to Buying a Home Dear Future Homeowner, You have just taken the first step on the road to realizing the American dream. Choosing your home loan is one of the most important decisions you

More information

Real estate terms and definitions

Real estate terms and definitions Real estate terms and definitions Annual Percentage Rate (APR): The total yearly cost of a mortgage as expressed by the actual rate of interest paid. The APR includes the base interest rate, points and

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

What is a home equity line of credit?

What is a home equity line of credit? Page 1 of 5 ESPAÑOL (Revision forthcoming) If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however, you should weigh

More information

HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLANS

HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLANS HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLANS This disclosure contains important information about our Home Equity Line of Credit Plans. You should read it carefully

More information

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

More information

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE Loan Terms Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM 30 years PURPOSE Purchase PRODUCT 5 Year Interest Only, 5/3

More information

The. Path. Refinancing. www.totalmortgage.com October. totalmortgage.com 877-868-2503

The. Path. Refinancing. www.totalmortgage.com October. totalmortgage.com 877-868-2503 The Path Refinancing totalmortgage.com 877-868-2503 www.totalmortgage.com October 1 2012 The Path Refinancing Over time, many things change and need adjustment, and the reality is your home financing is

More information

Wondering how to borrow using the equity in your home? Ask a Citizen. The Citizens Guide to Home Equity Financing

Wondering how to borrow using the equity in your home? Ask a Citizen. The Citizens Guide to Home Equity Financing Wondering how to borrow using the equity in your home? Ask a Citizen. The Citizens Guide to Home Equity Financing We understand you have questions about home borrowing. We can help. At Citizens Bank, we

More information

You Want to Buy a Home

You Want to Buy a Home 1 You Want to Buy a Home It s a big decision and there s a lot to learn, but you ve decided to buy a home. This comprehensive, quick-reference guide provides the information and tools you need to help

More information

FHA Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after June 3, 2013 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information you

More information

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015 Presenter: Bonnie S. Nachamie The Closing Disclosure ( CD ) is the new form that amends, enhances and replaces the Final TIL and HUD-1 The

More information

COMMERCIAL LOAN APPLICATION

COMMERCIAL LOAN APPLICATION COMMERCIAL LOAN APPLICATION Thank you for considering Enterprise National Bank N.J. for your commercial loan needs. This application along with other information you supply will provide us with the information

More information

Before you agree to buy a house, make sure

Before you agree to buy a house, make sure SPECIAL ALERT Office of the Attorney General, Consumer Protection Division Home Buyers: Beware of Flipping Scams Bought by "flipper" $24,000 February Before you agree to buy a house, make sure you re not

More information

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program Home Buying Educational Seminar The WU Employer Assisted Housing Program Agenda WU Employer Assisted Housing Program Program highlights Neighborhoods Home Financing Benefits of homeownership Preparation

More information

HOME BUYER S H A N D B O O K

HOME BUYER S H A N D B O O K HOME BUYER S H A N D B O O K Helpful Information To Find and Finance Your Next Home Buying a home is one of the most important financial decisions you'll ever make. A home can be an excellent investment

More information

Home Equity Lines of Credit

Home Equity Lines of Credit The Federal Reserve Board What you should know about Home Equity Lines of Credit Board of Governors of the Federal Reserve System www.federalreserve.gov 0708 i What You Should Know about Home Equity Lines

More information

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You

More information