Samson Realty Northern VA Real Estate Property Tax Info

Real Estate Settlement Procedures Act (RESPA)

The Real Estate Settlement Procedures Act (RESPA) was enacted to protect consumers when they buy houses, and to help them be better shoppers for settlement services. RESPA requires lenders to give you estimates so that you can compare loans and services. It also mandates that lenders make certain disclosures (e.g., typical costs, affiliations). When you apply for a loan, the lender is required to give you a Good Faith Estimate of loan-related expenses that you'll be required to pay at closing. The estimate must be given to you or mailed to you within three days of your application. The lender does not need to provide this information if your application is turned down during the three-day period. Make sure you understand all of the figures on the settlement estimate and on the final settlement statement at closing. If you do not understand specific fees or costs, insist on an explanation.
 


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John Thompson, REALTOR Associate - Samson Realty
14526 Lee Rd., Suite 100  -  Chantilly, VA 20151
Mobile: 703.606.0475  - Fax: 703.896.5037

Samson Realty - Home of 4% to 4.5% Full Service Listings - Cash Back to My Buyers

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