Mortgages - Glossary of Terms
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Thrift institution
is a general term for savings banks and savings and loan associations.
Transaction,
settlement, or closing costs may include application fees; title
examination, abstract of title, title insurance, and property survey fees; fees
for preparing deeds, mortgages, and settlement documents; attorneys' fees;
recording fees; and notary, appraisal, and credit report fees. Under the Real
Estate Settlement Procedures Act, the borrower receives a good faith estimate of
closing costs at the time of application or within three days of application.
The good faith estimate lists each expected cost either as an amount or a range.
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