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Understanding Loan Documents

Marshall Reddick Real Estate

Our preferred mortgage lender of over 15 years dives deep into the following loan documents. Our goal is for viewers to gain an indepth understanding of how to read and interpret these documents in order to prepare for a smooth and successful closing.

The 1003 Application (This is what the loan structure is built on)
The Loan Estimate or "LE" (Included with the preliminary loan disclosures that are sent out when the loan file is activated)
What type if Lender fees can you expect?
What are standard fees and what would be considered out of the norm?
Difference between prepaid and actual fees
The lowend and highend range for costs ex. processing, underwriting, and loan origination fees
Definition of common industry terms that a firsttimer might not be familiar with

The Closing Disclosure or "CD"
How impounds work
What are the typical title and escrow fees?
What are typical "additional settlement charges?" (Ex: survey, pest inspection, HOA dues, etc.)

Final Closing Documents (Any minor changes that occurred such as changing your insurance policy and now the premium are higher, the closing date is further out than expected, prepays for HOA change, etc.)

In each of these segments, we dive into the importance of each document and explain why it is necessary that everything is disclosed properly and the application is complete upfront. Watching this webinar will help anyone considering to buy a rental property.

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