Glossary

Document filed at the courthouse to secure the repayment of the loan and to establish the lender's lien on the property. This document details the lender's covenants and the process by which the lender may foreclose on the property if you do not make payments.

Statement showing the amount of the monthly principal and interest payment due on the loan along with the tax escrow and hazard insurance escrow that the lender will be holding. This statement will be given to you at or after settlement.

Document evidencing your agreement to purchase flood insurance if the Federal Government ever determines your home to be in a flood hazard area.

This details all the charges and credits to the purchaser and seller, listing the purchaser's figures on the left-hand column of the page and the seller's on the right.

Information on the following is included in the settlement statement:

• Lender Charges
• Escrows
• Settlement Fees
• Governmental Charges
• Additional Charges
• Gross Amount Due
• Credits to Purchasers
• Seller's Payoffs

Document evidencing your promise to repay the lender the principal amount you have borrowed, and setting forth the terms and conditions of repayment

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