Mortgage fundamentals (note + mortgage; lien theory; judicial foreclosure in IL; 7-month redemption right); loan types (conventional, FHA, VA, USDA, ARM, balloon, reverse); RESPA (Loan Estimate 3 days; Closing Disclosure 3 days before closing); TILA (APR; right of rescission on refis not purchases); ECOA; HMDA; Illinois closing practice (attorney-handled; table closing); recording with County Recorder of Deeds; state transfer tax ($0.50/$500); Chicago/Cook County additional taxes; property tax proration (in arrears; seller credit).
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