Glossary

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Single Family Residence
Standard, one unit home, as opposed to a Condo/Town Home with a homeowners association

Title Company
Company that prepares title work and is where the closing is held

Title Insurance
Policy provided by the title company on their title work guaranteeing the accuracy and completion. Lenders Policy is required and only protects the Lender from loss, Owners Policy is available at buyers discretion and protects the owner.

Underwriting
Act of approving a loan application. Underwriters are bound by guidelines set forth by Fannie Mae, Freddie Mac, FHA or VA as applicable

VA Financing
Government backed financing available only for service veterans, characterized by no down payment, no mortgage insurance, but with a funding fee.