Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
S
Servicing: the steps and operations a lender
perform to keep a loan in good standing, such as collection of
payments, payment of taxes, insurance, property inspections and the
like.
Settlement: another name for closing .
Settlement costs: another name for closing costs.
Shared Appreciation Mortgage (SAM): mortgage in which a borrower
receives a below-market interest rate in return for which a lender (or
another investor such as a family member or other partner) receives a
portion of the future appreciation in the value of the property. May
also apply to mortgages where the borrower shares the monthly
principal and interest payments with another party in exchange for a
part of the appreciation.
Special Forbearance: a loss mitigation option where the lender
arranges a revised repayment plan for the borrower that may include a
temporary reduction or suspension of monthly loan payments.
Subordinate: to place in a rank of lesser importance or to make one
claim secondary to another.
Survey: measurement of land, prepared by a registered land surveyor,
showing the location of the land with reference to known points, its
dimensions, and the location and dimensions of any building. This
diagram indicates legal boundaries, easements, encroachments, rights
of way, improvement locations, etc.
Sweat equity: using labor to build or improve a property as part of
the down payment.
Equal
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