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What’s the Difference Between a Loan Estimate and a Closing Disclosure? (Episode 64) S5 E4
Manage episode 322835944 series 2936153
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You can watch this episode at https://youtu.be/jqc-78Zm6UU.
A LOAN ESTIMATE happens when you apply for a loan, but it’s a long road before that loan funds. A CLOSING DISCLOSURE tells the borrower what may have changed.
0:00 – Introduction
1:00 – There’s ALWAYS confusion about these docs. Loan estimate comes out way up front. Closing Disclosure comes right at the end. They should be ALMOST IDENTICAL. This is an improvement over the HUD-1 Settlement Statement — it’s way more transparent, and way better for the borrower.
3:25 – 3 Day Rule. The borrower has to receive a CD 3 days before they sign the loan. The review should be pretty quick.
4:02 – Closing Disclosure Basics. 1) Loan amount. 2) Interest Rate. 3) Full Payment. 4) Closing Costs. 5) Cash to Close.
4:16 – Loan Amount.
4:31 – Interest Rate.
4:47 – Full Payment.
5:12 – Closing Costs.
5:20 – Cash to Close.
5:40 – Closing Costs vs Pre-Paid Costs. Closing costs are costs to obtain the loan. Prepaids are costs associated with the transaction, but NOT the loan.
6:25 – Shop the Loan Estimate. Compare loan estimates from different lenders to see which lender is giving you a better deal.
7:50 – Property-Specific Expenses. These can be surprises, for example HOA transfer fees.
8:29 – What’d We Learn?
10:13 – Bloopers.
* No estimations or disclosures were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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