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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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is 1 percent of the amount of the mortgage.
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In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount
s refer to any "
s" paid in addition to the one percent loan origination fee. A "
" is one percent of the loan amount.
A person named in a will to administer an estate. The court will ap
an administrator if no executor is named. "Executrix" is the feminine form.
HUD-1 settlement statement
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees,
s, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."
On a government loan the loan origination fee is one percent of the loan amount, but additional
s may be charged which are called "discount
equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of
s a borrower pays.
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