Rate vs. Price
Rate refers to the interest
rate. Price refers to
points. It is easy to become
confused as both rate and
points are usually referred
to in 1/8 percent
increments. A good rule of
thumb is that often a 1/8%
change in interest rate
reflects a 1/2% change in
points (actual rate and
points may vary slightly)
Single Family Residence
Standard, one unit home, as
opposed to a Condo/Town Home
with a homeowners
association
Title Company
Company that prepares title
work and is where the
closing is held
Title Insurance
Policy provided by the title
company on their title work
guaranteeing the accuracy
and completion. Lenders
Policy is required and only
protects the Lender from
loss, Owners Policy is
available at buyers
discretion and protects the
owner
Title Work
Document prepared by title
company which outlines the
ownership of the property
and other various details
Trans Union Information
Services
PO Box 1000
Chester, PA 79022
(800) 916-8800
Underwriting
Act of approving a loan
application. Underwriters
are bound by guidelines set
forth by Fannie Mae, Freddie
Mac, FHA or VA as applicable
VA Financing
Government backed financing
available only for service
veterans, characterized by
no down payment, no mortgage
insurance, but with a
funding fee |
