A survey is a drawing of your property showing the location of the lot, the house and any other structures, as well as any improvements on the property. Title service fees Title service fees are part of the closing costs you pay when getting a mortgage. When you purchase a home, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title,” to the home to you. Title service fees are costs associated with issuing a title insurance policy for the lender. Title: The documented evidence that a person or organization has ownership of real property. Trust: A relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. Underwater: The condition of having negative equity or owing more on the property than the property is worth. Underwriting: The process of examining all the data about a homeowner’s property and income documentation to determine whether the mortgage commitment should be issued. The person who does this is called an underwriter. Unpaid Principal Balance (UPB): Amount of a loan that is due to the lender. This does not include additional charges, such as interest. Workout: A way to resolve or restructure a loan to prevent a homeowner from going into foreclosure through a loan modification, forbearance or short sale.
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