Did you know that when you apply for a mortgage loan, it will include several services that you can choose for yourself? These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, survey, and title and closing services. CHOICE is a good thing, so take advantage of your opportunity to shop, choose the best, and save money!

These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection or a survey to verify property lines or a range of Title-related services.

Title services might include:

  • a Lender’s 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
  • 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.