The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.
Team Souther Glossary
There are 3 names in this directory beginning with the letter H.
Lenders require borrowers to secure a home insurance policy to cover at least the value of their mortgage. Homeowner's insurance isn't included in the mortgage.
HUD-1 Settlement Statement
This recently revamped document comes just before closing and breaks down final closing and settlement costs for borrowers, who also get to see what the seller makes on the sale. The HUD-1 also spells out which charges can and cannot change from the Good Faith Estimate.