Mortgage General
An account set up by the lender to pay property taxes and insurance premiums.
What is an escrow account?
This is the value of one mortgage point
What is one percent of the loan amount?
DTI
What is Debt to Income Ratio?
The waiting period for a USDA loan after a Chapter 7 bankruptcy discharge.
What is 3 years?
This is the kind of insurance policy needed for an investment property.
What is a landlord policy?
An unbiased professional opinion of the value of a home that is calculated based on comparable sales in the property neighborhood using key features of the home.
What is an Appraisal?
A mortgage that is not insured or guaranteed by the federal government.
What is a Conventional Loan?
DPA
What is Down Payment Assistance?
The maximum Debt-to-Income (DTI) ratio on an FHA loan.
What is 55%?
This type of conventional loan does not adhere to the conforming loan limit.
What is a jumbo loan?
The lender must provide this within three business days of receiving a loan application.
What is The Loan Estimate (Loan Disclosure Package)?
These are the two options to get a 3% down Conventional loan approval.
What are first time homebuyer or income below 80% AMI?
LTV
What is Loan-to-Value?
This is the minimum credit score for a DPA (Down Payment Assistance) loan.
What is a 640?
The max seller concessions allowed on an FHA mortgage.
What is 6%?
A credit report is only valid for this long before it has to be re-pulled.
What is 120 days?
Name the 4 most common types of loans
What are Conventional, FHA, USDA and VA?
PITI
What is Principal, Interest, Taxes and Insurance?
The minimum down payment for a first time homebuyer with a Conventional loan.
What is 3%?
A letter from an LO stating that they have verified closing funds, income and credit worthiness.
What is a Pre-approval letter?
A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage.
What is Title Insurance?
A process in which a borrower obtains a new mortgage for a beneficial reason to either lower their interest rate, adjust payment schedules or to pull equity out of their home.
What is a Refinance?
PMI
What is Private Mortgage Insurance?
This is a required inspection on every VA loan.
What is a termite inspection?
What is Homespire Mortgage?