Banking Terms Search
- APR – Annual Percentage Rate
- LTV – Loan to Value Ratio
- DTI – Debt to Income Ratio
- FICO – Fair Isaac Corporation Score (Credit Score)
- Escrow – Account for taxes and insurance held by lender
- ARM – Adjustable Rate Mortgage
- HELOC – Home Equity Line of Credit
- PMI – Private Mortgage Insurance
- PITI – Principal, Interest, Taxes, Insurance
- GFE – Good Faith Estimate
- TIL – Truth in Lending
- RESPA – Real Estate Settlement Procedures Act
- TRID – TILA-RESPA Integrated Disclosure
- UFMIP – Up-Front Mortgage Insurance Premium
- MIP – Mortgage Insurance Premium
- CD – Closing Disclosure
- LE – Loan Estimate
- VOE – Verification of Employment
- VOD – Verification of Deposit
- VOI – Verification of Income
- VOM – Verification of Mortgage
- VOA – Verification of Assets
- HUD-1 – Settlement Statement Form
- Amortization – Gradual repayment of a loan
- Principal – Original loan amount borrowed
- Interest – Cost of borrowing the principal
- Servicing – Managing a loan after closing
- Origination – Start of the loan process
- Underwriting – Evaluating loan-application risk
- Refinance – Replace an old loan with a new one
- Foreclosure – Lender repossesses the property
- Deed of Trust – Instrument securing a loan
- Lien – Legal claim on property for debt
- Title – Legal ownership of property
- Escrow Account – Third-party fund holding account
- Prepayment – Paying loan ahead of schedule
- Balloon Payment – Large final loan payment
- Points – Pre-paid interest to lower rate
- Rate Lock – Guaranteed interest rate for a period
- Closing Costs – Fees due at loan closing
- Title Insurance – Protects against title disputes
- Credit Report – Record of credit history
- Pre-Approval – Conditional loan approval amount
- Conventional Loan – Standard non-government mortgage
- FHA – Federal Housing Administration loan
- VA Loan – Loan guaranteed by Veterans Affairs
- USDA Loan – Rural Housing Service loan
- Jumbo Loan – Mortgage exceeding conforming limits