Title 1
An FHA-insured loan that allows a borrower to make non-luxury improvements like renovations or repairs to their home Title I loans less than $7500 dont require a property lien.

Freddie Mac Federal Home Loan Mortgage Corporation
A federally-chartered corporation that purchases residential mortgages securitizes them and sells them to investors this provides lenders With funds for new homebuyers.

FHA Federal Housing Administration
Established in 1934 to advance homeownership opportunities for all Americans assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.

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.

Mortgage broker
A firm that originates and processes loans for a number of lenders.

Index
A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

RESPA Real Estate Settlement Procedures Act
A law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs practices and relationships

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.

Inflation
Tthe number of dollars in circulation exceeds the amount of goods and services available for purchase inflation results in a decrease in the dollars value.

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.