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Today's Terms
Appraisal
Definition:
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
Deed-in-lieu
Definition:
To avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
Good faith estimate
Definition:
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.
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