Mortgage Lingo

 It might feel a bit thorny at first...
I tend not to use the acronyms but
ARM is adjustable rate mortgage
DTI is debt to income ratio or the bottom line on your taxes compared to all credit and mortgage debts
GFE Good Faith Estimate a long form that requires some teamwork reading
HELOC- home equity line of credit can be a 1st or 2nd mortgage
HUD1- the detailed number excel sheet escrow prepares with all costs
PMI private mortgage insurance- insurance for the lenders on the loan
LTV- loan to value or appraised value vs loan amounts
MIP mortgage insurance premiums
PITI principle interest taxes and insurance the whole payment
RESPA the real estate settlement procedures act
TLA truth in lending
There you have it

Caroline Gerardo Senior Loan Officer NMLS #324982 Cell 949-637-8190 Office 949-784-9699 eFax 855-883-4303 CarolineGerardo@eaglehm.com www.eaglehomemortgage.com/carolinegerardo Committed to Seeing You Home. Eagle Home Mortgage 100 Spectrum Center Drive Suite 500 Irvine CA 92618 NMLS #849059 CA #813I609 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, NV #3244. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.