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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of G
Good Faith Estimate
An estimate from a lender of all * closing costs including prepaid and * escrow items as well as lender charges. Must be given to the borrower within three days after submission of a loan application.
Glossary For This Page
(In Alphabetical Order)
* Closing Costs
The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. These costs generally range between 2 and 7 per cent of the property value. Ask a lender or real estate professional for a complete list of closing cost items.
* Escrow
The holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for property taxes, homeowners insurance, mortgage insurance, etc.
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