Mortgage Basics
The amount of money a buyer puts toward purchasing a home before the lender finances the rest.
What is a down payment?
Money deposited after an offer is accepted to show that the buyer is serious about purchasing the home.
What is earnest money?
This mortgage program is available to eligible veterans and active-duty service members.
What is a VA loan?
This yearly expense is generally charged by your local government based on the value of your property.
What are property taxes? Ill also take what is Theft?
This tiny human appeared in Jake's last PIN presentation simply because, in Jake's words, “it's my presentation.”
Who is Silas? 😂
The amount of money you actually borrow from the mortgage lender.
What is the loan amount?
Appraisal fees, title charges, lender fees and other expenses paid as part of buying a home generally fall under this term.
What are closing costs?
This government-backed mortgage program is commonly associated with a 3.5% down payment.
What is an FHA loan?
This protects a homeowner financially against certain types of damage or loss to the home.
What is homeowners insurance?
This is the mortgage company Jake currently represents.
What is Amerify or E Mortgage Capital?
The percentage a lender charges you for borrowing money.
What is the interest rate?
Money given to a homebuyer by an eligible family member or other permitted donor to help with a purchase.
What are gift funds?
A mortgage that is not insured or guaranteed by a government agency such as FHA or VA.
What is a conventional loan?
The difference between what your home is worth and what you owe against it.
What is equity?
In 2025, Jake funded approximately this much in mortgage volume.
What is $20 million?
Lenders compare your monthly debt payments to your monthly income using this three-letter calculation.
What is DTI / debt-to-income ratio
A borrower can sometimes pay these upfront in exchange for a lower mortgage interest rate.
What are discount points?
Instead of replacing your existing first mortgage, this revolving credit line allows homeowners to borrow against their home equity.
What is a HELOC?
our mortgage servicer may collect part of your taxes and insurance every month and hold that money in this type of account.
What is an escrow account?
What sport did Jake play growing up?
What is hockey?
PITI is the abbreviation for what?
What is Principal, interest, taxes and insurance.
This is one of the worst purchases you can finance right before closing on a mortgage.
What is a new car or truck?
Investors may use this type of loan to qualify primarily based on the rental cash flow produced by the property.
What is a DSCR loan?
This legal document transfers or establishes ownership of real estate.
What is a deed?
When someone tells you they're thinking about buying, need equity, are a veteran, got turned down by a bank, or simply aren't sure whether they qualify, this is the ONE thing Jake wants you to do.
What is make the introduction/Referral?