Glossary

Data appearing on your consumer credit report that usually contains identifying information and personal details: previous names, current and prior addresses, telephone numbers and your

In bankruptcy court, it’s a request to discharge an individual’s debts or organize them into a repayment plan. It lists that person’s debts and assets.

A mortgage payment acronym that represents four elements: principal, interest, taxes and insurance.

An individual or entity bringing legal action against another party, the defendant, in court.

A unit of measurement for fees on a mortgage loan. One point equals 1% of the loan. Some lenders let borrowers pay points on a

Items from your credit report or public records that can possibly have an adverse effect on your creditworthiness.

A document issued by a broker or lender estimating the amount that a prospective homebuyer may potentially qualify to borrow. While this letter is not

A fee that some lenders charge to borrowers paying off their loans prior to the end of their scheduled terms. Most standard lenders do not

An assessment of a borrower’s finances that indicates the size of the loan and the terms. May also be considered a less restrictive version of