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Jason Hagen President MSI Lending of Lexington Phone: (859)253-5363 Fax: (859)252-0929 License: 6151 jhagen@msilending.com https://www.msilending.com/jasonhagen/get-a-quote |
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June 2020
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Decoding the Jargon FICO: Fair Isaac Corporation is the industry-standard credit score organization. Most lenders use a FICO credit score as part of your application. APR: The Annual Percentage Rate is the interest rate you'll pay yearly as part of your mortgage. ARM: An Adjustable Rate Mortgage is a mortgage that starts at a fixed rate for a predetermined amount of time and then adjusts regularly. GPM: A Graduated Payment Mortgage is a type of mortgage in which initial payments are low and slowly rise over the course of the mortgage. HELOC: The Home Equity Line of Credit is a type of loan in which the lender provides a maximum amount in exchange for collateral in the form of equity from the borrower's home. LTV: The Loan-to-Value ratio describes the division of the loan amount by any money put down by the borrowers in a down payment. P&I: The Principal and Interest are the main components of the mortgage. PITI: The Principle, Interest, Taxes, and Insurance are all the components included in the mortgage payments. PMI: Private Mortgage Insurance is often required for buyer that put less than 20% down on their home. Sources: Lending Tree | ||||||||||||||||||||||||||||||
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