Loan Terminology
Term | Main definition |
---|---|
Underwriter | an employee of the lender who confirms that the homebuyer and the home meet all loan requirements. |
Underwriting | The process by which a lender analyzes your finances in order to approve or deny your loan. |
Unfair lending practice | The practice of lenders deceiving borrowers and convincing them to agree to unfair loan terms and prices. Sometimes called |
Upfront costs | The costs you pay to buy your home, including the down payment, earnest money, and closing costs. |
USDA Loan (Rural Development Loan) | a government-insured loan for lower-income homebuyers who want to live in rural areas. There are income limits, but credit standards are flexible. These loans feature below-market interest rates and require no down payment. |