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

Subbordination

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)