Tools & Resources

Trustee

A person or firm who has the legal responsibility to hold and manage property in the best interest of the owner.

Truth-in-Lending Act

A federal law, part of The Consumer Credit Protection Act, requiring lenders to clearly disclose key credit terms in a standard format. The Act also gives you the right to cancel certain types of loan contracts within three business days (see Right of Rescission).

Underwriting

The analysis of the risk involved in making a mortgage loan, based on your ability and willingness to repay the loan, as well as other factors such as the property evaluation.

Underwriting Fee

Lender fee that offsets the cost of processing your loan for closing. Different companies may refer to them by different names, such as processing fees or document preparation fees.

VA Mortgage

A low- or no-down-payment mortgage guaranteed by the Department of Veteran Affairs. It is only available to military personnel, veterans or spouses of veterans who died of service-related injuries.