Mortgage Terminology

Dated: August 15 2019

Views: 116

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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