An appraisal is the best way to estimate your property's fair market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property.
The borrower’s costs of the loan term expressed as a rate. This is not their interest rate.
This document will be given to the consumer at least three (3) business days before closing. It provides a breakdown of the loan term, cost and monthly payment associated with the loan.
Generally, the date the buyer becomes the legal owner and title insurance becomes effective.
An instrument used in many states in place of a mortgage.
The date the amounts are to be disbursed to a buyer and seller in a purchase transaction or the date funds are to be paid to the borrower or a third party in a transaction that is not a purchase transaction.
Up front security deposit made by a purchaser of real property as evidence of good faith; a deposit or partial payment.
Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy.
A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums.
Document designed to provide details that will be helpful to borrowers in understanding the key features, costs and risks of the mortgage loan for which they are applying.
The instrument by which real property is pledged as security for repayment of a loan.
A payment that includes Principal, Interest, Taxes, and Insurance.
Filing documents affecting real property with the appropriate government agency as a matter of public record.
Provided by title including a complete breakdown of costs involved in a real estate transaction.
