Buy Down A payment made as a lump sum in a real estate transaction to lower the rate for a specified period of time. Back to top Closing Meeting at which a loan is finalized or settled. Closing costs The costs of a mortgage loan including, but not limited to an origination fee ,buy downs, title costs, underwriting fees, document preparation fees and appraisal. Conforming Mortgage A loan that conforms to the guidelines established by Fannie Mae or Freddie Mac . A mortgage not affiliated with a government program.
Credit report A report reflecting a person s payment history on credit accounts.
The percentage of a person s monthly income used to pay for debt. Legal instrument used to convey interest in a property. Depreciation A decrease in a property's value. An amount paid by a borrower equal to 1 percent of the loan amount which reduces the interest rate on the loan. An amount paid directly by a buyer toward the purchase price of a property.