Real Estate Term of the Day: Loan Commitment

Real Estate Term of the Day: Loan Commitment LOAN COMMITMENT – an agreement to lend money, generally of a specified amount, at specified terms at some point in the near future (Barron’s Dictionary of Real Estate Terms)  Below is a brief guideline of the loan process: You submit the completed loan application and any required supporting documentation … More Real Estate Term of the Day: Loan Commitment

Real Estate Term of the Day: Loan Application

Real Estate Term of the Day: Loan Application LOAN APPLICATION – document required by a lender prior to issuing a loan commitment. This application usually includes: 1. name of borrower, 2. amount and terms of loan. 3. description of the subject property to mortgaged and 4. borrower’s financial and employment data (Barron’s Dictionary of Real Estate Terms)  According to … More Real Estate Term of the Day: Loan Application