A claim of money against a property. The value of the property is used as security for repayment of the debt.
A point at which the loan will be finalized and legally executed with signatures of the borrower. This is also the point at which Escrow will collect any funds due as stated on the Closing Disclosure.
A federally mandated document that describes important facts about your loan such as interest rate and estimated closing costs. Lenders are required to give you this estimate by law after you submit a completed loan application.
An estimate of what you can borrow from a lender to buy a home, based on gross income and debt. Many Lenders use Pre-Qual Letter and Pre-Approval Letter interchangeably.
The relationship between the loan amount and the value of the property, used to determine what type of loan you might qualify for and how much you can borrow.