Mortgage terms for our clients
We want to make sure our clients have an understanding of the mortgage process. Here are some common terms to help you get ahead, with easy to understand definitions and videos!
- Adjustable Rate Mortgage (ARM)
- Annual Percentage Rate (APR)
- Balancing
- Buying Agent
- Cash Out Refinance
- Cash to Close
- Closing
- Closing Costs
- Collateral
- Comparable Sales
- Conforming Mortgage
- Conventional Loans
- Credit Check
- Credit Score
- DTI - Debt to Income
- Disbursement
- Down Payment
- Earnest Money Deposit
- Equity
- Escrow Account
- FHA Loan
- Fixed Rate Mortgage
- Forbearance
- Foreclosure
- Gift Letter
- High Balance Loan
- Home Equity Line of Credit
- Housing Ratio
- IPAC (Income, Property, Assets, Credit)
- Installment Debt
- Interest Rate
- Investment Home
- Jumbo Loan
- LTV (Loan to Value)
- Land Contract
- Lender Credits
- Lien
- Loan Commitment
- Loan Estimate
- Loan Originator
- Loan Processor
- Market Value
- Modifications
- Mortgage Broker
- Mortgage Insurance Premium
- Mortgage Note
- Mortgage Recast
- Non Qualified Mortgage
- Origination Fee
- Planned Unit Development (PUD)
- Points
- Pre-Approval
- Pre-Payment Penalty
- Prepaids
- Primary Residence
- Principal
- Principal Interest Taxes and Insurance (PITI)
- Principal Reduction
- Private Mortgage Insurance (PMI)
- Property Inspection Waiver (PIW)
- Purchase Agreement
- Rate Lock
- Real Estate Agent
- Refinance
- Reserves
- Retail Lender
- Secondary Home
- Sellers Agent
- Sellers Credits
- Servicer
- Settlement Fees
- Subbordination
- Third Party Fees
- USDA Loans
- Underwriting
- VA Loans
- Wholesale