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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 ...
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 ...
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
Doing damage. A term applied to a person's cattle or beasts found upon another's land, doing damage by treading down the grass, grain, etc. [9] Dual representation. A concept where one lawyer represents two people who may have conflicting interests. [10] [11] It may occur in immigration law, family law, or real estate law, for example.
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 ...
This is often one of the largest closing costs. 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.
Key takeaways. FHA loans come with closing costs, typically 2 percent to 6 percent of a home’s purchase price. These costs are above and beyond the FHA loan 3.5 percent down payment requirement.