Phrases that Pain
Financial Incentive seller offers to a buyer to make a real estate transaction more appealing
What are Seller Concessions
The 3 J's
WPP
What is Windermere Professional Partners
A deposit that a buyer pays to a seller to show their commitment to purchasing a home
What is Earnest Money
A Real Estate transaction decision that allows qualified borrowers to skip the in-person appraisal process when financing a home
May be dependent on property, type of financing or borrower qualifications
What is an Appraisal Waiver
The Percentage that represents the total yearly cost of borrowing money. Includes interest PLUS any additional fees to close loan
What is APR?
The company that Penrith merged with in 2024
What is Scenic Oaks
DTI
What is Debt-To-Income Ratio
Original Principal balance of loan
What is Loan Amount
A phrase you hear from your loan officer to indicate that a borrower has met all requirements to close on their mortgage
What is Clear to Close
5% Conventional
3.5% FHA
0% VA and USDA
What is Minimum Down payment requirements
Penrith's policy that Guarantees we will cover the cost of Admin and appraisal fees for refinance within 3 years of closing.
What is Guaranteed Rate Program
LTV
What is Loan-to-Value
What is Down Payment
When a borrower has met all lender requested borrower requirements prior to going making an offer on a property
What is Pre-approved
A separate insurance policy that protects the lender if a borrower defaults on a mortgage
What is PMI?
Penrith's Program that gives us the opportunity to assess your client's current pre-approval and rate to evaluate if Penrith can offer better terms. We offer $100 gift card for clients who participate
What is Penrith 2nd Look Program
CLTV
What is Combined Loan-to-Value
a non interest bearing account that is used to pay for property related expenses like insurance and taxes using a portion of the borrowers monthly mortgage payment
What is an Escrow Account
Programs Penrith offers that allow your borrower to buy before they sell their departing residence
we offer a few product options that allow your borrower to tap into the equity of their departing residence to enable them to buy before they sell
What are Bridge Loans/ Cross Collateral Loans/ HELOC
Self Employment
Hourly Wage
Salary
Pension/Social Security/Disability
What are Income Sources
Penrith's program offering a Certificate to accompany your clients offer Guaranteeing Closing in as little as 21 Days or Penrith will provide $10,000 to seller if not closed on time.
What is Certified Buyer Program
APR
What is Annual Percentage Rate
The fees and expenses paid when a Real Estate transaction is finalized, in addition to purchase price of the property.
What are Closing Costs
Platforms that allow Penrith to partner with Realtors and provide marketing/buying process
What is Homebot, Total Cost Analysis,