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GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. APPLICATION FEE Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges. FNMA See Federal National Mortgage Association. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). COMPOUND INTEREST Interest which is computed upon the principal sum plus accrued interest. |
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