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mortgage terminology

HUD-1 Statement Definition

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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Conforming Mortgage Loan Definition

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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Good Faith Estimate Definition

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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Mortgage Closing Costs Defined

Mortgage closing costs are fees including loan origination fees, underwriting fees, loan processing fees, discount points, title charges and a host of others…some legitimate, others garbage. The closing costs you will be required to pay when refinancing your mortgage are any fees paid to the mortgage broker or any third party company like the title [...]

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