Understanding Your Loan Estimate - Services You CAN Shop For
These costs are paid to outside parties and YOU are free to shop and compare providers - for pest inspection; for a survey to verify property lines and for a range of Title-related services.
These might include:
- a Lenders title policy, which protects their legal interest in their loan collateral- usually the property itself;
- settlement agent fees, paid to the individual or company responsible for facilitating the final transaction;
- Title Search, which clarifies and documents legal ownership of the property; and
- a title insurance binder, which allows potential future use of the current title search results, conditions and exclusions for a short period to lower the cost of future title insurance.
If you select service providers from the list provided by the lender, their fees cannot change by more than 10% between the Loan Estimate and the final Loan Disclosure.
If you select other providers the lender is not responsible for changes in those costs.
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