A Prospective Borrower Must Be Given a Good-Faith Estimate of All

question 213

True/False

A prospective borrower must be given a good-faith estimate of all specific closing costs when they apply for a mortgage.

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Definitions:

Thermostat

Any of a number of different types of heat sensing switches; a thermostat usually changes the status of a circuit or system when a specific temperature value is achieved. Found on starters and other electrical components, also used in an engine cooling system where it is used to option coolant circulation to the radiator.

Governor Cutout

A mechanism or setting in engines and machinery that limits the maximum speed or output to prevent damage or conserve energy.

Psi

Pounds per square inch, a unit of pressure used to quantify internal pressure, stress, or tensile strength.