HOW - Homeowners Warranty

HUD - U.S. Department of Housing and Urban Development (HUD was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD'sprimary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws.

MLS - Multiple Listing Service

NFIP - National Flood Insurance Program

NIBI - National Institute of Building Inspectors

Point - A fee equal to 1% of the loan amount

Seller's Agent - A real-estate agent that is working for the property seller

Truth in Lending Disclosure -  Required 3 days after the lender receives loan application. This statement is required to show the loans annual percentage rate (APR), amount financed, total finance charges, total amount paid for the loan, total number of payments, amount of monthly payment, prepayment penalty and late payment charge.