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Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Industry: Banking; Real estate

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Mortgage

Good faith estimate

Banking; Mortgage

The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application.

Gift of equity

Banking; Mortgage

A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members.

Escrow

Banking; Mortgage

An agreement that money or other objects of value be placed with a third party for safe keeping, pending the performance of some promised act by one of the parties to the agreement.

Front-end fee

Banking; Mortgage

Mortgage broker income paid by the borrower, as distinguished from the fee paid by the lender, which is "back-end".

Generic prices

Banking; Mortgage

Prices that assume a more or less standardised set of transaction characteristics that generally command the lowest prices.

Float-down

Banking; Mortgage

A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. Also called a cap.

Grace period

Banking; Mortgage

The period after the payment due date during which the borrower can pay without being hit for late fees.

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