Your
application to your lender for a home mortgage loan leads
you inevitably to the title company's office. You
undoubtedly have questions as to what the role of the
title company is, what tasks the title company will
perform and what will take place at the closing. If your loan transaction
is a common Fannie Mae/Freddie Mac/FHA transaction the
loan documentation and the promises and obligations you
are asked to make are uniform throughout the state and in
most instances throughout the country. Therefore, your
interests are protected by the uniformity of the documents
you will be asked to sign and their regulation by state
and federal agencies.
Our firm makes every
effort to assist borrowers in the mortgage loan
transaction. Sometimes issues arise regarding the record
title to a borrower's property. If there are title issues
or issues involving inaccuracies, we endeavor to satisfy
the borrower and keep them informed of all relevant
issues. When possible, we seek to resolve title issues and
disputes as reasonably as possible.
The fees quoted to
you by your lender include a variety of items. Those which
involve our office may include the following and are
standard transactional items for representing the lender
in residential loan transactions:
Title Abstract – A
review of the title to property.
Mortgage Survey Plan
( if required )- Sometimes referred to as a plot plan,
this is a tape measure survey of the land to be mortgaged
to determine that it was not in violation of zoning when
constructed and that no buildings or improvements encroach
upon the property or over its lot lines.
Municipal Lien
Information - Obtained from the city or town where the
property lies including all outstanding tax and utility
liens.
Title Insurance -
The lender requires a loan policy of title insurance for
the loan amount in order to protect their interests from
issues relating to the title to the property that could
not be determined from an examination of the record of the
title.
Recording
Costs/Courier & Certified Copy Fees - These include the
cost to courier the mortgage payoff and loan documentation
for safe and timely delivery, to record the mortgage and
other transactional documents and obtaining Registry
certified copies that may be required in certain
transactions.
This is a list of
some of the items that you may be asked to pay in a normal
residential loan transaction. In the case of a no point/no
closing cost transaction your lender will pay these costs.
This explanation should serve as a brief overview of the
items described above. For a further explanation please
contact your lender or our office.
The mortgage loan
closing process may sometimes seem complicated and
confusing. However, you will find that a few minutes of
simple explanation can almost always relieve any anxiety
or confusion about the process. We look forward to seeing
you at your closing.
Please
feel free to call our office if you have any questions.
