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Close of Escrow Explained

In any real estate transaction, whether you are the buyer or the seller and whether you are the borrower or lender of a mortgage loan, you would be obliged to participate in establishing an account known as an escrow. Only when a transaction has been completed and all the conditions agreed upon have been met can an escrow be considered closed.

Low-Down and Nitty-Gritty - Good Faith Estimates

A good faith estimate is a detailed, itemized list of fees and costs associated with a loan, provided by a mortgage lender or broker to the applicant. In the United States of America, this is required by the Real Estate Settlement Procedures Act or RESPA. As an additional requirement, this document must be presented to the applicant within three business days of his loan application.

The Causes and Effects of the Current Mortgage Crisis

The mortgage crisis is an ongoing economic and financial crisis which has been triggered due to an increase in delinquencies and foreclosures. It is more likely to have a strong affect on people who have bought a home during the early years of this century. Many home loans were given to people because of an occurrence of a housing bubble along the two coats of the United States from the years 2000-2005, as a result of which loans were granted at sub-prime rates to many people.

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