Buying a home in today’s marketplace is a bit intimidating.
Buying a home in today’s marketplace is a bit intimidating.
Loan-to-Value Ratio
The ratio between the amount of the mortgage loan and the appraised value of the real estate training property.
Market Value
The price that a property could possibly bring in the marketplace.
Mortgage Insurance
Insurance that protects lenders against loss if a borrower defaults. This is real estate website required when the loan-to-value ratio is greater than 80 percent.
Origination Fee
A fee charged by a lender for processing a loan application; usually computed as a percentage of the loan.
PITI
Refers to Principal, Interest, Taxes, and Insurance.
Underwriting
The decision-making process of granting a loan to a potential homebuyer.
Variable Rate Mortgage
Also referred to as Adjustable Rate Mortgage. A mortgage in which the interest rate is residential real estate adjusted periodically based on a pre-selected index.
