Credit Basics
What is a lien holder?
A lien holder is the institution (usually a bank) that has the right to take and hold or sell the property of a debtor as security or payment for a debt borrowed from them.
What does APR stand for and what does it mean?
APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.
What is a title search?
A title search is a search that reveals any liens, lawsuits or legal claims involving the property that is going to be bought or sold. Lenders often require a title search.
What is Title Insurance?
Title insurance is required by lenders. It is protection for the buyer and lender if there are complications with the title after the deal has been made.
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