Also known as a purchase offer. The maximum interest rate increase allowable on an adjustable rate mortgage. The maximum payment amount increase allowable on an adjustable rate mortgage. Closing - The actual legal transfer of property from seller to buyer. Closing Costs - Fees paid at the time of closing.
Costs vary by lender.
Conventional Mortgage - A loan that is not insured or guaranteed by the government. Deed - The written transfer of property ownership. Default - Failure to meet an obligation when due. Encumbrance - A claim, lien, or liability that has been attached to the title of a property. May affect its value.