Loan Terminology
Term | Main definition |
---|---|
Seller's Agent | A broker or agent who represents only the seller. |
Servicer (Loan Servicing Company) | Responsible for the day-to-day collection of loan payments and managing escrow accounts. |
Short Sale | When the home is sold for less than the owner owes for the mortgage. |
State Housing Finance Agency Loan | a mortgage program for first-time homebuyers administered by your state HFA. These are government loans, and often have down payment and closing cost assistance. |