By Alena Kairys

Oct 2, 2020

See how many mortgage terms and definitions you can match!

Definition of APR:

The fees charged for services performed, including the home appraisal, loan origination, flood certificate, the title survey, etc.:

This is paid by the buyer to the seller to bind a transaction or assure payment:

Definition of Escrow:

Definition of Home Equity:

A federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at a settlement:

Definition of Origination Fees:

Definition of Private Mortgage Insurance (PMI):

The process during which the decision is made whether to approve a loans rates and terms based on the borrowers’ credit, employment, assets, and other factors:

Definition of Appraisal:

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.