🏡 Are you a home buyer in Colorado Springs? 🏔️ Understanding the costs involved in buying a home is crucial. In this video, we'll break down the Loan Estimate document, a vital part of the home buying process. 📝

📑 The Loan Estimate is a federally mandated document that discloses the costs associated with buying a home. It includes:

🔹 Section A: Origination, underwriting, and discount points (if applicable). Compare these fees when shopping around for lenders.

🔹 Section B: Processing fee, credit report, appraisal, verification of employment fee, and more. Some fees may change or disappear as the process progresses.

🔹 Section C: Title fees, typically chosen by the seller and listing agent. They are usually consistent across title companies.

🔹 Section D: The sum of all costs from Sections A, B, and C.

🔹 Section E: Recording and transfer fees, estimated high initially but may decrease later.

🔹 Section F: Prepaid escrow setup, including homeowners insurance and taxes. On a purchase, 15 months of homeowners insurance is collected.

🔹 Section G: Escrow account setup for taxes.

🔹 Section H: Miscellaneous fees, such as HOA fees, if applicable.

🔹 Section I: The total of Sections E, F, G, and H.

🔹 Section J: Look out for lender credits, which can reduce costs. This section is where you'll see any credits applied.

When comparing Loan Estimates from different lenders, focus on Sections A and J for variations in interest rates and costs. Everything in between should generally be consistent.

For more information on home loans and the home buying process, visit 719 Lending's website and contact us with any questions. 🏠

🔗 Key Links:
Learn more about us at 719 Lending
Need a home loan? Apply here: [Link to Loan Application]
Have questions? Contact us: [Link to Contact Us Page]

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📍 719 Lending Inc.
104 S Cascade Ave, Ste. 201, Colorado Springs, CO 80903
📞 (844) 719-5363 (LEND)

⚠️ Disclaimer: This blog/video is for informational purposes only. The content is not guaranteed or endorsed by 719 Lending, Inc., nor is it an offer of credit. The information may not be applicable in all situations. Consult your mortgage advisor before acting on this information. Equal Housing Opportunity. Company NMLS: 1601989

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