Cost associated with transfer of title and mortgage loan creation. Examples of closing costs are origination fee, attorney fee, title, insurance fee, intangible tax fee, tax service fee, recording fee, etc.

This date is set up in the contract and agreed upon for the closing of the real estate transaction; it is binding for both parties.

The statement which lists the financial settlement between buyer and seller, and also the costs each must pay.

(Combined Loan-to-Value) The combination of all mortgages (first and second(s)) being placed on the property at closing and determining the actual equity being created by borrower in relation to the lesser of sales price or appraised value.

(CLTV) The combination of all mortgages (first and second(s)) being placed on the property at closing and determining the actual equity being created by borrower in relation to the lesser of sales price or appraised value.

A system of individual fee ownership of units in a multi-family structure, combined with joint ownership of common areas of structure and land.

Loans offered to assist in the building of a new home but require to be paid in full by completion or will be offered to do a second closing for a permanent end loan. During construction, only partial or interest only payments are made to the lender and the lender makes payments called disbursements to the construction company according to the phase of the construction.

Loans offered to assist in the building of a new home and automatically covert to permanent end loan with a one time closing. Typically loans are partial or interest only, payments are made to the lender and the lender makes payments called disbursements to the construction company according to the phase of the construction.

Option given on certain Adjustable Rate Loans to convert to a Fixed Rate Loan. Option is typically offered during a predetermined and limited period of time with fixed rate being determined by a specified index plus margin.

An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary), and reconveyed upon payment in full.

Documentation that refers to certain terms and conditions and which, for example, complies with the banks’ disclosure requirements (for example potential closing costs, insurances, interest rates, etc.).

Up front fee charged by the lender to determine mortgage yield. (Sometimes referred to as a “Permanent Buydown”)

A tax levied on the transfer of a property calculated by a percentage. In Florida are charges on the mortgage and on the deed. Each state and county may vary.

Down payment made by a purchaser of real estate as evidence of good faith.

Land charge, easement, life estate or other right of use.

The term "ESCROW" will be used often during the process of your loan. The first time you encounter it will be the Realtor's escrow account that holds your earnest money check until closing.

That portion of borrower's monthly payment held by lender to pay real estate taxes, homeowner's insurance and mortgage insurance.

The Bank that financed the property for the previous owner has taken the property back due to non-payment of debt. Bank owned property.

(Good Faith Estimate) List to the best of one's knowledge of the anticipated potential final costs of financing. The GFE also includes the amount of the estimated monthly payments and all other fees which can accumulate in connection with the transaction.

(GFE) List to the best of one's knowledge of the anticipated potential final costs of financing. The GFE also includes the amount of the estimated monthly payments and all other fees which can accumulate in connection with the transaction.