Mortgage Terminology

Dated: 08/14/2019

Views: 73

If you aren't that familiar with the mortgage world, some of the terminology may leave you extremely overwhelmed.  For example, you probably won't know what it means to be qualified for a fixed-rate loan with an LTV of 97%, paying 2 basis points with an APR of 4.25%.

However, don't panic.  Mortgage terms are really quite simple once you brush up a little bit on your reading. Plus, the more you know the better off you will be once it comes time to buying a home or refinancing. Below you will find useful information but if you want to further educate yourself and want to read the full article click on the link: http://bit.ly/2yYGkED

After reading the article if you are looking to purchase a home in Florida you can reach me several ways

Call me for a free consultation 856-313-6655or DM me on Facebook: https://www.facebook.com/JerzyGna

Register for free on my website to view homes in Florida from the comfort of your home at  http://bit.ly/2JTD0jj

 

Common Mortgage Acronyms

  • APR Annual Percentage Rate

  • ARM Adjustable Rate Mortgage CNDO Condominium

  • COE Certificate of Eligibility (VA loans)

  • DPLX Duplex

  • DTI Debt‐to‐Income Ratio (Front end/ Back End)

  • ECOA Equal Credit Opportunity Act

  • Escrow Funds held in a borrowers account to pay taxes and insurance

  • Escrow Holdback Funds held in escrow for repair work on a property not completed prior to closing

  • FHA Federal Housing Administration

  • GFE Good Faith Estimate

  • GNMA Government National Mortgage Association

  • HELOC Home Equity Line of Credit

  • HOI Homeowners (Hazard) Insurance (EOI Evidence of Insurance)

  • HUD Housing and Urban Development

  • LTV Loan‐to‐Value Ratio (LTV/CLTV Loan‐to‐Value/ Combined Loan‐to‐Value)

  • MIP Mortgage Insurance Premium

  • PI/PITI Principal and Interest/ Principal/ Interest/ Taxes/ Insurance

  • PMI Private Mortgage Insurance (conventional)

  • REPC Real Estate Purchase Contract

  • SFR Single Family Residence (detached)

  • UFMIP Up‐Front Mortgage Insurance Premium

  • USDA United States Department of Agriculture

  • UW Underwriting/ Underwriter

  • VA Veteran’s Administration

  • VOD Verification of Deposit

  • VOE Verification of Employment (VVOE Verbal Verification of Employment

  • VOM Verification of Mortgage

  • VOR Verification of Rent



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Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

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