The formal document by which an interest is a property is waived or denied. A consumer protection law that requires lenders to disclose closing costs , payable at closing . Refinancing Restructuring a mortgage or mortgages on a property. Back to top Sale agreement A written contract signed by the buyer and the seller of a house stating the terms and conditions under which the property will be sold. Any mortgage on property that has a lien position behind the first mortgage.
Settlement See closing .
An accounting of all of the money from a real estate transaction, including the mortgage, earnest money, down payment and closing costs. The document used to disclose this information is called a HUD-1 . Subprime mortgage Mortgages that are not conforming mortgages and that are typically made to a person with less than perfect credit, income, or property. The number of years or payments required to pay a mortgage in full. A mortgage with a 30 year term will require 30 years or 360 payments to pay in full.