HUD-1 Statement

The HUD-1 statement is a settlement form used to itemize and reconcile all the charges paid by the buyer and seller in purchasing real estate.

Guaranteed Loan

A guaranteed loan is one in which a third party supports the borrower by promising to repay the debt if the borrower defaults or stops

Farm Service Agency

Established in 1994, the Farm Service Agency is a federal agency responsible for providing loan guarantees and disaster relief to farmers and rural citizens, as

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect money from you. Anyone who regularly

Experian

Experian is one of the major credit reporting agencies. A publicly listed, international corporation, Experian collects financial information from people and businesses worldwide to assess

Escrow Company

Commonly used in real estate transactions, an escrow company holds money and documents between parties. As a neutral third party, the escrow company helps facilitate

Equity

Equity describes the value of an asset after subtracting the value of any liabilities on the asset. Commonly used to describe the value of a

Escrow

Financial instruments held by a neutral third party on behalf of two parties who are engaged in a financial transaction. An escrow account basically means

Equifax

Equifax is a credit bureau. Equifax tracks the credit history of borrowers in order to generate credit reports and credit scores. It sells this information

Earnest Money

A sum of money that a buyer pays to the seller at the time of entering a contract. Its primary purpose is to make sure

Homeowner Education