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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 ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
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 ...
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 ...
Mortgage application fees, paid by the buyer to the lender, to cover the costs of processing their loan application. In some cases, the buyer would pay the lender the application directly and prior to closing, while in other cases the fee is part of the buyer's closing costs payable at closing.
Paid outside closing (POC) is the fees or payments rendered outside normal title insurance and underwriting fees due at the time of closing a loan. When acquiring a mortgage or refinancing , a lender or broker may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing.
Different loan types have different structures, and closing costs can vary depending on the type of mortgage you get. A higher amount usually comes into play for buyers who are making a smaller ...
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 ...