Decoding Sale and Loan Docs, Part 4.
A major priority should be checking the documents to make sure you are getting the deal promised to you. To do that, you need to review those that contain the loan related figures and closing charges. These are found in the Good Faith Estimate (from your lender), the Truth in Lending (lender), and the “pre-audit” or draft, and the final, of the Closing/Settlement Statement (from escrow). You should compare the GFE and TIL to the Closing Statement to make sure the numbers match. Also an important transactional document, which will be discussed next time, is the commitment/preliminary title report.