Mortgage terms for our
neighbors
We don't expect you to know everything related to mortgages, so we want to make it easier. We’ve broken down the most common terms to help you get ahead, with easy to understand definitions and videos.
Wholesale LTV (Loan to Value) Market Value Underwriting Subordination Servicer Credit Score Comparable Sales Primary Residence Reserves Refinance Cash Out Refinance Principal Reduction Mortgage Recast Housing Ratio Interest Rate Loan Processor Principal Prepaids Mortgage Insurance Premium Pre-Approval Points Pre-Payment Penalty Down Payment Loan Originator Mortgage Note Non Qualified Mortgage Fixed Rate Mortgage Conforming Mortgage Modifications Rate Lock VA Loans USDA Loans Conventional Loans Jumbo Loan High Balance Loan FHA Loan Lien Gift Letter Retail Lender DTI – Debt to Income Secondary Home Investment Home Foreclosure Forbearance Third Party Fees Settlement Fees Origination Fee Loan Estimate Equity Disbursement Earnest Money Deposit Installment Debt Sellers Credits Lender Credits IPAC (Income, Property, Assets, Credit) Home Equity Line of Credit Closing Costs Land Contract Loan Commitment Collateral Closing Cash to Close Credit Check Mortgage Broker Balancing Purchase Agreement Sellers Agent Real Estate Agent Buying Agent Escrow Account Planned Unit Development (PUD) Private Mortgage Insurance (PMI) Property Inspection Waiver (PIW) Principal Interest Taxes and Insurance (PITI) Adjustable Rate Mortgage (ARM) Annual Percentage Rate (APR)