What is it?
There are many terms that your lender may use, those they vary by lender. Rather than define each one (we’re not loan officers), we would prefer to leave it to the experts. Here is a list of common terms to be aware of:
Private Mortgage Insurance (PMI)
Interest Rate Types: Adjustable or Fixed
Annual Percentage Rate (APR)
Loan Program Types: Conventional, FHA, VA, USDA
Washington State Housing and Finance Committee (WSHFC)
Equity
Amortization
Cash Reserves
Debt to Income Ratio (DTI)