Good Faith Estimate at Mortgage Glossary

What is it? Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan appl

Mortgage Dictionary Term Added By: Jayden

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Other Similar Mortgage Terms:

Mortgage Term Real Estate Settlement Procedures Act (Respa) is A federal law, enacted in 1974 and later revised, that ensures that the buyer and seller in a real estate transaction have knowledge of all settlement costs when the purchase of a one-to-four-family residential dwelling is financed by a federally related

Mortgage Term First Mortgage is The mortgage that has first claim in the event of default.

Mortgage Term Acknowledgment is A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document; also, the document itself. An acknowledgment is designed to prevent forged and fraudulently induced documents from taking effect.

Mortgage Term Trading On The Equity is The practice of agreeing to buy real estate and then assigning the purchase agreement to another buyer before closing takes place; thus turning a profit by selling the paper.

Mortgage Term Seller-Provided Funds is (Also called Seller Contributions). Seller-provided funds include all transaction cost paid by the seller except the real estate agents (or brokers) fee.