Loans 101
When you refer a client to me you can rest assured your customers' will receive prompt, professional and personalized service.
When you refer a client to me you can rest assured your customers' will receive prompt, professional and personalized service.
Lending 101
Key Loan Terms & Acronyms
Your go-to guide for common loan terms and acronyms!
Advanced Loan Terms
CD – Closing Disclosure
DTI – Debt to Income
FICO – Credit Ratio, Credit Score
GFE – Good Faith Estimate
IO – Interest Only
LA – Loan Amount
LB – Loan Balance
LE – Loan Estimate
Loan Mod – Loan Modification
LTV – Loan to Value
MI – Mortgage Insurance
Pre-Approval – Financial assessment before documentation verification
Approval – Running credit, verifying qualifications
Non-QM – Non-Qualified Mortgage
QM – Qualified Mortgage
Initial Disclosures – Acknowledgment of loan documents before legal binding
CIC – Change In Circumstance
CTC – Clear to Close
4506T – Tax transcript authorization form
Reserve Requirement – Minimum savings requirement by the lender
LOE – Letter of Explanation