There’s no getting around it; taking out a loan for a house involves a lot of paperwork. Some of it you have to fill out yourself, while other documents contain vital information that you need to understand to get your loan squared away. One such document is the loan estimate, which is a form you receive from your lender that details the essential facts and terms of your approved real estate loan. It includes:
- Loan terms
- Projected payments and loan costs
- Cash and costs at closing time
- Services for which you CAN and CANNOT shop in relation to the loan
- Summary information that can be used to compare this loan to others
Also included are other important details such as appraisal, insurance, late payment, refinancing, loan assumption policy and whether your lender intends to service the loan.
The loan estimate is a dynamic form—meaning that it can be edited and updated—and it will include information that is related to your loan and may leave out information that is not. Because of this, forms from different lenders or for different loans may not look identical, so make sure to read yours carefully.
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.
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