Back to Top Freddie Mac - Nickname for the Federal Home Loan Mortgage Corporation. An organization that purchases mortgage loans, mostly from Savings and Loan Associations. Back to Top Good Faith Estimate - A document showing the itemization of the estimated costs and terms of a mortgage loan. Gross monthly income is used to determine how much a borrower can afford to borrow. Back to Top Hazard Insurance - Insurance that covers property damage from fire, storms, etc.
Hazard insurance is required to obtain a mortgage.
Back to Top Judgement - A court order showing an individual is legally responsible for paying a debt, and the amount of that debt. Back to Top Leasehold - A form of property ownership where an individual does not have title to a property, but has rights to the property under the terms of the lease. The rate that international banks dealing in Eurodollars charge each other for large loans. Some U.S. banks use this rate as an index for ARM's. The percentage of a property's value that is borrowed against.