Origination fee
The charge for originating a loan is usually calculated in the form of points and paid at closing.

Real estate agent
An individual who is licensed to negotiate and arrange real estate sales works for a real estate broker.

Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.

Annual Percentage Rate APR
Calculated by using a standard formula the APR shows the cost of a loan expressed as a yearly interest rate it includes the interest points mortgage insurance and other fees associated with the loan.

Lease purchase
Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

Mortgage Modification
A loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments.

Pre-approve
Lender commits to lend to a potential borrower commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Survey
A property diagram that indicates legal boundaries easements encroachments rights of way improvement locations etc.

Amenity
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use may be natural like location Woods water or man-made like a swimming pool or garden.

Good faith estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges must be given to the borrower within three days after submission of a loan application.