Home Loan Texas
Home Loan Texas
Home Loan Texas

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Real Estate Terms of the Day for Home Loan Texas



FHLMC
See Federal Home Loan Mortgage Corporation.

PROPERTY REPORT
A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots.

TRUTH-IN-LENDING ACT
Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period.

DOWER
The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.

EQUITY
The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property.

LOAN APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

GUARDIAN
One who is given the lawful custody and care of another(called a ward).

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