See Settlement Statement.
Closing costs are separated into what are called “non-recurring closing costs” and “pre-paid items.” Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. “Pre-paids” are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.
This has different meanings in different states. In some states a real estate transaction is not consider “closed” until the documents record at the local recorders office. In others, the “closing” is a meeting where all of the documents are signed and money changes hands.
A title that is free of liens or legal questions as to ownership of the property.
An analysis of the transfers of title to a piece of property over the years.
Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.
A document issued by the Veterans Administration that certifies a veteran’s eligibility for a VA loan.(top)
One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit. (top)
A time deposit held in a bank which pays a certain amount of interest to the depositor. (top)
When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a “cash out refinance.” (top)
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