Mortgage General
Mortgage Programs
Mortgage Acronyms
Various
Mortgage General
100
ARM
What is an Adjustable Rate Mortgage
100
A Mortgage insured by the Federal Housing Administration.
What is an FHA Mortgage
100
DTI
What is Debt to Income Ratio?
100
Is cash on hand an acceptable source of funds to close?
What is NO!
100

This is the maximum loan amount for a conforming mortgage.

$806,500

200
A mortgage in which the interest rate remains the same throughout the entire life of the loan
What is a fixed rate mortgage
200
a loan that is not insured or guaranteed by the federal government.
What is a Conventional Mortgage
200
LTV
What is Loan to Value?
200
How many days of bank statements are required for verifying funds to close?
What is 60 days.
200

Down payment required for an FHA Loan.

3.5% of the purchase price

300

PMI

This is insurance that borrowers must purchase on a conventional mortgage when they put down less than 20%. It protects the lender.

300
a mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA).
What is a VA Mortgage
300
DPA
What is Down Payment Assistance?
300
an account set up by the lender to pay your property taxes and insurance premiums
What is an escrow account.
300

Expenses over and above the price of the property incurred by buyers and sellers when transferring ownership. This may include origination fees, doc stamps, etc.

Closing Costs

400

Jumbo Mortgage

This is the term we use to describe a mortgage that exceeds the conforming loan limit.

400
mortgages backed the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program.
What is a USDA Loan
400

PITI

Principle, Interest, Taxes and Insurance 

400
fees specifically used to buy-down a mortgage rate.
What are discount points.
400
the minimum number of days a borrower has to review the Closing Disclosure (CD) before closing.
What is 3. (Saturday Counts)
500

This is how long a mortgage application is good for.

90 Days

500

A mortgage loan that conforms to Fannie Mae and Freddie Mac guidelines.

What is a conforming loan?

500

FHA

Federal Housing Administration

500

Who should you call if you or your client has a question about Mortgages?

Tiffani Swensen 801-403-7779

500

This is an account set up by a mortgage company to hold funds collected for property taxes and homeowner's insurance as a portion of each month's payment.

Escrow Account

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