Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 39
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48GLOSSARY of TERMS
Appraiser: one who is trained and educated in the methods of determining the
value of property (appraised value). You will pay a fee for an appraisal report
containing an opinion as to the value of your property and the reasoning leading to
this opinion.
Credit report fee: this fee covers the cost of a credit report which shows your
credit history. The lender uses the information in a credit report to assess your
credit worthiness.
Default: the inability to pay monthly mortgage payments in a timely manner or to
otherwise meet the mortgage terms.
Delinquency: failure of a borrower to make timely mortgage payments under a
loan agreement.
Down Payment: the portion of a home’s purchase price that is paid in cash and is
not part of the mortgage loan.
Earnest Money Deposit: money you will put down to show that you are serious
about purchasing the home. It often becomes part of the down payment if the offer
is accepted, is returned if the offer is rejected, or may be forfeited if you do not
follow through with the deal.
Escrow Account: an impound account in which a portion of your monthly
mortgage payment is deposited to cover annual charges for homeowner’s
insurance, mortgage insurance (if applicable), and property taxes.
Escrow Agent:
a person or entity holding documents and funds in a transfer of
real property, acting for both parties pursuant to instructions. Typically the agent is
a person (often an attorney), escrow company or title company, depending on local
practices.
Flood Certification Fee: a fee for the assessment of your property to determine
if it is located in a flood prone area.
Foreclosure: a legal process in which mortgaged property is sold to pay the loan
of the defaulting borrowers.
Good Faith Estimate (GFE): an estimate of the settlement charges you are likely
to incur; it also contains other information about the loan.
Government Recording and Transfer Charges: fees for legally recording your
deed and mortgage. These fees may be paid by you or by the seller depending
upon the terms of the sales agreement.
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