Costner Law

Like the video shows, your home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes make a list of your priorities – things like location and size. Establish a set of minimum requirements and a ‘wish list. ” Minimum requirements are things that a house must have for you to consider it while a “wish list” covers things that you’d like to have but that aren’t essential.

Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. The bottom line final “Cash to Close” is the money you will need in-hand in three business days. If your transaction has a Seller the summary table will show a line by line comparison of Borrower to Seller transaction details. Review the summary tables to understand the transaction and your financial commitments at loan consummation.

Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points – prepaid interest. If you chose providers from the lender’s written list, costs should be within 10% of Loan Estimate. The Recording Fees in Section E should be within 10%; other costs in E, plus F, G and H, may vary from your Loan Estimate without tolerance limits. This page will also break out the costs YOU will pay, before or at closing; the costs the Seller will pay, any costs paid by others and any credits from your Lender.

The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. If the loan terms or costs change prior to consummation, your lender must provide a corrected disclosure AND an additional 3-business-day waiting period until loan consummation. Waiving the 3-day waiting period is only permitted in certain circumstances, and only when the waiting period would cause a bona fide personal financial emergency.