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Could My Loan Costs Exceed The Loan Estimate?

 

Yes, within defined limits.

Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written list.

In addition, prepaid interest, property insurance premiums and escrow or reserve deposits may change without legal tolerance limits.

Charges for recording services, and 3rd-party services ON the creditor list, grouped together may not exceed the Loan Estimate total for the same charges by more than 10%.

Transfer taxes, fees paid to the creditor, mortgage broker or an affiliate of either and fees paid to a 3rd party for services the creditor does NOT permit you to shop are ZERO tolerance and must match the Loan Estimate.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: 4 Tips on How to Maintain a Healthy Business

4 Tips on How to Maintain a Healthy Business

4 Tips on How to Maintain a Healthy Business

Starting a new business or maintaining one that is already established can be a daunting task. But there’s no need to fret, we’ve got you covered with some tips to keep your business effective and relevant in today’s growing industry!

1. Staff Checkup

Healthy employees make for a healthy business. Making sure your staff is well taken care of will encourage productivity throughout the workplace. Productive employees will bring success to your business and help you achieve your business goals.

2. Engaging Communication

Proper communication is a necessity in order for a professional team to work together efficiently. Everyone has their own unique perspective to bring to the table, and people are more inclined to share their ideas if they feel that they’re being heard and that their views and opinions matter. Opening the floor to insight on new ideas and topics is a great way to connect your team, all while building up the foundation of your business.

3. Customer Service

Customers/clients are the key to keeping a business up and running. Without them, there isn’t any revenue, and without revenue, well…it’s kind of hard to run a business without any funds. It’s vital to make sure that the needs of your customer are met and that they are truly satisfied with the services provided.

4. Plan Ahead, then Jump

Time-management author Alan Lakein once said, “failing to plan is planning to fail.” Now those are some words to live by. Take time to plan ahead; it’ll save your business a whole lot of hassle down the road. Once your business is financially stable and all of your team players are onboard, it’s time to jump. Take up that new partnership, hire that grad student, invest in a new stock. Be bold, be smart.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Can I Pay Off My Loan Early?

Can I Pay Off My Loan Early?

 

If you happen to have some extra money on hand and you want to speed up the process of claiming full ownership of your home, then we have good news! By sending in extra money each month or making an extra payment at the end of the year you can speed up the process of paying off your loan.

When you send extra money, be sure to indicate that the excess payment is to be applied to the principal, not the interest, and keep records. For quick reference, principal is the amount you actually owe, while interest is the cost of borrowing the money.

Remember that payment applied to loan principal is not tax-deductible. Most lenders allow loan prepayment, but some loans may have prepayment penalties. Make sure to check with your lender for details before deciding what you want to do.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What If I Have a Vacation Planned Before My Closing?

What If I Have a Vacation Planned Before My Closing?

What If I Have a Vacation Planned Before My Closing?

Just because you’re purchasing a home doesn’t mean that your life conveniently pauses until you reach the closing table, right? Of course not! Many buyers and sellers still have to proceed with not only everyday life but other engagements as well. For example, some people have preplanned family vacations or weddings to attend. On the other hand, you may not have had anything planned up to the point of closing, but then something unexpected pops up. All of these instances are more than okay IF you keep your realtor/lender involved and informed.

Your realtor, lender, title company, and others are all arranging their processes around you and your availability. Each one runs into points that require contacting you to confirm information, whether that’s by phone, email, or in person. If something comes up where you will be unavailable or difficult to reach for an extended period of time, let your realtor know so they can ensure that your real estate parties are aware and can work around your schedule to obtain all the information they need to pursue the transaction.

After being away from your daily activities for an extended period, the last thing you need is to return to find that closing had to be postponed because you couldn’t be reached, and information was therefore unable to be processed on time. Though your closing companywill do everything they can to keep this from happening, Title Junction still aims to fill you in on how you can avoid a postponed closing altogether!


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What is the Difference Between Pre-Qualification and Pre-Approval?

Title Junction’s Christmas Angel Tree

Title Junction’s Christmas Angel Tree

We interrupt our regular blogging schedule to announce that Title Junction is partnering with the Salvation Army to host an Angel Tree this Christmas Season!

Angel Tree? What’s That?

The Angel Tree Program was created by the Salvation Army in 1979 to provide toys and clothing to children in need. In Lee County alone, there are over 28,000 children who live in poverty. Many of their parents don’t have the financial means to buy them any gifts for Christmas, so that’s where we step in!

Participating organizations and businesses (like Title Junction) hang Angel Tags from a Christmas tree, with each child represented by a numerical code along with information about their age, gender, clothing size, and what they want for Christmas. People can choose the Angel they want to adopt from the tree and then purchase gifts for their Angel. This year, Title Junction has been entrusted with 50 Angels who need to be adopted by caring souls…like you!

How Do I Adopt an Angel?

1. Pick your Angel from the Angel Tree.

2. Buy new toy(s) and/or clothing for your Angel.

3. Drop off the new, unwrapped gift(s) in a bag with the Angel Tag attached at Title Junction by December 10th. If you have more than one bag, make sure to label them with your Angel’s code as well.

Then What?

Once Title Junction receives all of the new, unwrapped gifts for the Angels, the Salvation Army will take the gifts and distribute them to the families. You won’t know the identity of your Angel, but you will have the satisfaction of knowing that you’ve brought joy and hope to a child this Christmas season.


For more information give us a call at 239.415.6574 or email us at [email protected].

Title Junction Office Address:
6214 Presidential Court, Suite F
Fort Myers, Florida 33919

Business Hours:
Monday-Friday
9am-5pm

What is the Difference Between Pre-Qualification and Pre-Approval?

 

If you’re looking for a home you’ve probably heard the terms pre-qualified and pre-approval thrown around a few times. But what is the difference between these two concepts? How important is it that you obtain one or the other from your lender?

So What Is Pre-Qualification?

Pre-qualifying for a loan is a very informal way of calculating how much you may be able to borrow from your lender. Most lenders will allow you to pre-qualify over the phone as long as you provide a few items like your income, your debt, and how large of a down payment you are able to afford. From this point you will be able to have an approximate estimate on how much your loan will be approved for.

Then What Does It Mean to Be Pre-Approved?

A pre-approval is a much more formal commitment detailing the exact dollar amount that may be loaned to you. In order to be pre-approved your financial records will be analyzed and a document will be signed and distributed by your lender. Taking the initiative to get pre-approved shows both sellers and realtors that you are serious about purchasing a home and one that will fit your budget exactly.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Is A ‘Business Day’ For Real Estate Loan Disclosures?

What Is A ‘Business Day’ For Real Estate Loan Disclosures?

 

The definition of a “business day” is slightly different for Loan Estimates and Closing Disclosures.

For Loan Estimates, each day on which a creditor’s offices are open to the public count as a business day. Loan estimates must be delivered or placed in the mail no later than the 3rd business day after receiving your loan application. For example, if you submit a loan application on a Thursday to a creditor’s office that is only open Monday-Friday—you might have to wait until the following Tuesday to receive your loan estimate.

For Closing Disclosures, a business day is defined as all calendar days except Sundays and Federal public holidays, such as Labor Day. The Closing Disclosure must be provided to you at least 3 business days PRIOR to loan consummation.

So before you get too nervous about how long it’s taking your creditor or lender to send you information and forms, check your calendar to see how many business days it’s been. Chances are, asking for things too close to the weekend or a Federal holiday will slow down the process by a day or so.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Happened to My Escrow?

What Happened to My Escrow?

What Happened to My Escrow?

Before you can move into your dream house, a settlement has to take place. If all goes well, you are officially a new homeowner. But what happens when there is a bump in the road, like say…an escrow dispute?

When involved in a real estate closing transaction, an escrow agreement is usually required. During escrow, a deposit is held in an escrow account by a third-party, usually a Real Estate agent or Title Company, like Title Junction. The buyer and seller must comply with a mutual written agreement that ensures the procedures that must be met. This must happen before any funds can be released from escrow.

In the case of an escrow dispute, the release is determined by the third-party and the rules and regulations that it follows. Some agents may opt to freeze the escrow account if the dispute remains unresolved and may require legal actions. If such an issue arises, both buyer and seller will have to settle their dispute before a judge and present all evidence until a decision is made. However, legal action should be a last resort. Not only is a court dispute expensive, but the process is very long and burdensome. Who needs that kind of additional stress?

Here at Title Junctionany escrow funds that are in a dispute are first handled by our office with a courtesy letter. It will explain the process of the dispute, giving all parties ample time to think about the decision being made. All parties should refer to their contract and contact an attorney if necessary.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Is Earnest Money?

What Is Earnest Money?

 

Earnest money is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price. However, the amount can vary depending on local customs and conditions. It’s a good idea to talk to an experienced real estate agent to get an idea of what conditions might apply. For instance, a competitive market could result in you needing to put down more money in order for the seller to take you seriously.

If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the seller rejects your offer, your earnest money is returned to you. If you back out of the deal, you may forfeit the entire amount, so make sure you’re seriously committed to the deal before putting down your hard-earned cash.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Title Insurance: What You Need to Know

Title Insurance: What You Need to Know

Title Insurance: What You Need to Know

Buying a new home can be overwhelming, and once you’ve finally found the right one, closing is still a complex process. In addition to that, few buyers are aware of basic terms—and even fewer specifics.

Aspects of title insurance can mean the difference between a pleasing transaction resulting in ownership of a new home—or financial ruin.

What exactly is title insurance?

Title insurance is a contract used to reimburse loss or damage due to problems concerning the ownership of property, including title defects, undisclosed heirs, liens against the property, and more.

But before a title insurance policy can ever be issued, there is one crucial step:

The Title Search

A title search is the very first step in the real estate closing process.

A title searchis an examination of all available documents pertaining to the history, ownership, and financial condition of a property to identify any inconsistencies that could result in a loss. The examination includes any records the title search company can get their hands on, including reports on possession, name searches, chains of title, and tax searches.

Once identified, some of these issues can be resolved. Others can delay the sale. And in some cases, unresolved problems will never make it to the closing table.

Even the most thorough title search can fail to uncover a variety of issues.

That’s where your title insurance policy comes in.

Lender’s Policy

A lender’s policy is required by mortgage companies for them to issue a mortgage loan. The policy will cover the bank or lender for any legal fees or loss of payment due to issues with the title. You can see why lenders require this insurance.

Unfortunately, it will not protect the buyer’s personal finances.

That is what an owner’s policy is for.

Owner’s Policy

In the unlikely—but very possible—occurrence of a problem with title after the closing of a real estate transaction, an owner’s policy is the last line of defense for the buyer.

The owner’s policy will insure reimbursement for financial loss to the buyer in the event of a post-purchase complication with the title. In some cases, an owner’s policy might make it possible for the buyer to retain full ownership of the property.

As complex and overwhelming as it might seem, the entire real estate closing process can be relatively pain-free. Familiarizing yourself with the process is the main key.

However, the best way to decrease the worry that goes along with a real estate closing is to have a professional by your side. If you are looking to buy or sell and need assistance, don’t hesitate to contact us today.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Cosmetic or Structural? Which Improvement Is Better for Your Home’s Value?

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