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A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
The following pages contain lists of legal terms: List of Latin legal terms; List of legal abbreviations; List of legal abbreviations (canon law) on Wiktionary: Appendix: English legal terms; Appendix: Glossary of legal terms
Escrow can also refer to a shorter-term account used to facilitate the closing of a real estate transaction. In this type of escrow, the escrow company holds all documents and money related to closing the transaction, rather than having the buyer and the seller deal directly with each other.
Order opening: The closing is ordered by the lender or real estate agent, and the settlement agency contacts all transaction parties to let them know they are handling the closing. A title search is ordered, and a title commitment and closing protection letter (CPL) are issued and sent to the lender. In some cases, closing in escrow may occur ...
Loan estimate: This document contains important information about your loan, including terms, interest rate and closing costs. Make sure all the information is correct, including the spelling of ...
The mortgage or deed of trust is the agreement between you and your mortgage lender to put the home up as collateral for the loan. “In layman’s terms, it gives the lender the right to ...
Glossary of Legal Terms and Phrases. The Army Service Schools, Department of Law. 1910. Google Books. Tayler. The Law Glossary. Ninth Edition. 1889. Google Books; Frederic Jesup Stimson. Glossary of Technical Terms, Phrases, and Maxims of the Common Law. Little, Brown and Company. Boston. 1881. Google Books; J Kendrick Kinney. A Law Dictionary ...
“Seasoning” in regards to a mortgage refers to the amount of time lenders require funds to have been in your bank account — specifically, the funds that are going to cover your down payment ...