A federal consumer protection law that requires lenders to give borrowers advance notice of closing costs. Refinancing The process of obtaining a new mortgage, usually at a lower rate, to repay and replace an existing mortgage. Right of first refusal An owner's promise to let someone make the first offer on a property, or match the amount offered by another party. An additional mortgage behind the first mortgage on a property. The rights of the second mortgage holder are subordinate to the rights of the first mortgage holder.
Seller take back An agreement in which a property owner provides financing to a buyer.
Survey A drawing showing the legal boundaries of a property and the location of structures on it. The length of time you are given to repay a loan. An alternative Fannie Mae financing plan that enables households with earnings at a certain percentage of the median income in their area to make a 3 percent down payment with their own funds, coupled with a 2 percent gift from a relative, or a 2 percent grant or unsecured loan from non profit organization or government program.