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Salisbury, NC 28146
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Defining Basic Mortgage Terminology

Adjustable Rate Mortgage (ARM) – a mortgage whose interest rate changes over time based on index.

Annual Percentage Rate (APR) – the total yearly cost of a mortgage expressed as a percentage. It includes interest and other finance charges such as points, origination fees and mortgage insurance.

Debt-to-Income Ratio – the ratio to qualify you for a mortgage. Compares your total monthly housing expense and other debt (the amount you pay out) with your total monthly gross income (the amount you earn).

Deed – the legal document conveying title to a property.

Down Payment – the difference between the sales price of the home and the mortgage amount. Buyer pays with cash and does not finance with a mortgage.

Earnest Money – a deposit given to the seller to show that a prospective buyer is serious about purchasing the house.

FHA Loan – a mortgage that is insured by the Federal Housing Administration (FHA).

Fixed-Rate Mortgage – a mortgage in which the interest rate does not change during the entire term of the loan.

Homeowner’s Insurance – Insurance that protects your home and possessions from theft and damage.

Interest – a fee you pay for borrowing money.

PITI – "Principal-Interest-Taxes-Insurance", the four elements of your monthly mortgage payment.

Prequalification – the process of pre-determining how much money a prospective buyer might be eligible to borrow. Prequalifying for a loan does not guarantee approval.

Principal – your loan amount, not including interest; the amount borrowed or remaining unpaid. Also, the part of the monthly payment that reduces the outstanding balance of a mortgage.

Purchase/Sales Agreement – a contract between the buyer and seller that defines the terms and conditions of the home purchase.

Title – written evidence that proves you are the owner of your property.

Underwriting – the analysis of your overall credit and property value and the determination of a mortgage rate and term.


 
 
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Serving: Rowan County North Carolina, Cabarrus County North Carolina, Iredell County North Carolina, Mecklenburg County North Carolina, and surrounding areas of North Carolina.




Built Green * PO Box 1345 Salisbury, NC 28145 * 704-216-5000 phone * 704-603-6259 fax
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