RE Financing Ch. 7 The Financing Process Quick Key Terms

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The flashcards below were created by user Blue2xa88 on FreezingBlue Flashcards.


  1. Preapproval
    max loan amount
  2. Mortgage broker
    intermediary for lenders and borrowers
  3. Loan fee
    one-time fee at closing
  4. Origination fee
    administrative costs coverage
  5. Discount Points
    upfront profit for lender
  6. Buydown
    lump sum to lower interest rate
  7. Truth in Lending Act
    disclosures concerning loan
  8. Annual Percentage Rate (APR)
    mortgage interest rate plus other charges
  9. Real Estate Settlement Procedures Act
    • RESPA
    • disclose closing cost info
  10. Lock-in
    guaranteed interest rate
  11. Commitment Letter
    loan approved
  12. Escrow agent
    closing agent; money transactiosn
  13. Impound account
    tax and insurance premiums protection
  14. Interim interest
    upfront interest for the month

Card Set Information

Author:
Blue2xa88
ID:
321450
Filename:
RE Financing Ch. 7 The Financing Process Quick Key Terms
Updated:
2016-06-27 00:49:06
Tags:
financing process terms
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Description:
financing process terms
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