What does PMI stand for?
Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if...
What is lender’s insurance?
Lender’s title insurance protects the lender of the money to purchase the property.
As a buyer, is there any insurance that protects the title?
The insurance that protects the buyer of a property in case there are issues with the property not uncovered in...
What is a HUD1 Statement?
Also known as the “settlement sheet,” or “closing statement” it itemizes all closing costs. Must be given to the borrower...
What is included on my closing costs?
Closing costs are other fees for final property transfer, not included in the price of the property. Typical closing costs...
What’s an average of my closing fees?
A Good Faith Estimate must be given to the borrower within three days after submission of a loan application. It...
What does a collateral security mean?
A collateral is an asset that a lender accepts as security for extending a loan. If the borrower defaults on...
What is a co-signer?
Is a person that signs a credit application with another person, agreeing to be equally responsible for the repayment of...
Can I request a homestead credit?
Homestead credit is a property tax credit program, offered by some state governments, that provides reductions in property taxes to...
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