IT'S
GREEK TO ME
A-D /
E-H /
I-P /
Q-Z
Rate
vs. Price
Rate
refers to the interest rate. Price
refers to points. It is easy to
become confused as both rate and
points are usually referred to
in 1/8 percent increments. A good
rule of thumb is that often a
1/8% change in interest rate reflects
a 1/2% change in points (actual
rate and points may vary slightly)
Single
Family Residence
Standard,
one unit home, as opposed to a
Condo/Town Home with a homeowners
association
Title
Company
Company
that prepares title work and is
where the closing is held
Title
Insurance
Policy
provided by the title company
on their title work guaranteeing
the accuracy and completion. Lenders
Policy is required and only protects
the Lender from loss, Owners Policy
is available at buyers discretion
and protects the owner
Title
Work
Document
prepared by title company which
outlines the ownership of the
property and other various details
Trans
Union Information Services
PO
Box 1000
Chester,
PA 79022
(800)
916-8800
Underwriting
Act
of approving a loan application.
Underwriters are bound by
guidelines set forth by Fannie
Mae, Freddie Mac, FHA or VA
as applicable
VA
Financing
Government
backed financing available only
for service veterans, characterized
by no down payment, no mortgage
insurance, but with a funding
fee |
