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Houston Mortgage > Glossary >
Real Estate > C 1-10
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Cash-out Refinancing Loan
A loan that refinances a prior mortgage and that provides additional cash to the borrower. funds.
Closing Costs
A general term to describe the fees that a borrower will pay at closing. Sometimes called "settlement fees."
Conforming Loans
Loans which conform to Fannie Mae guidelines.
Courier Fee
This is a fee that may be charged to send documents or payments by courier, messenger or overnight mail service to various parties involved in the loan transaction.
Credit Report
This is a report which is generated by a credit reporting agency (such as Trans Union, Experion or Equifax). It is supposed to show accurately the history of your on-time and late payments on mortgages, credit cards, rent, utilities, and other debts. It may also show how much you owe on your various debts and whether you have taken the maximum amount of credit available to you through credit card borrowing. Your credit reports are used, with other information, to generate a credit score that is supposed to reflect how good a credit risk you are.
Credit Score
This is a number that is supposed to show the lender how likely you are to repay a loan--whether you are a good or poor credit risk. This score can be a very big factor in determining whether you will get a loan, from whom, and what interest rate and fees you will be charged for your loan. The score is generated by a mathematical formula that considers your credit reports and other factors. It may also be referred to as FICO score (Fair Isaac Company) or Beacon score or some other name-these are companies that create credit scores.
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