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.

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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

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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

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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

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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

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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

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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

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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

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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

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