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Mortgage Glossary
September 2, 2008
The HUD-1 Settlement Statement is one of the most important loan documents you will encounter when taking out a mortgage loan. The information on your HUD-1 can make the difference between getting a good home loan and overpaying thousands of dollars. The HUD-1 Settlement Statement is defined as a loan document required by the Real [...]
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September 1, 2008
The term “conforming” means that a loan adheres the limits set by Fannie Mae and Freddie Mac. A Conforming Mortgage Loan is a conventional home loan that equals or is less than the government limits established by Fannie Mae and Freddie Mac. The current limit for a traditional mortgage loan is $417,000; however, in some [...]
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September 1, 2008
The Good Faith Estimate is an important and frequently misunderstood document you will encounter whenever applying for a mortgage loan. What is a Good Faith Estimate and what is it really good for? Good Faith Estimate (GFE) is a mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to [...]
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