Residential Loan Glossary

Plain-English definitions for the financing options you'll actually encounter.

1003 (Uniform Residential Loan Application)+

Appraisal+

Closing Costs+

Debt-to-Income Ratio (DTI)+

Earnest Money Deposit (EMD)+

Escrow+

Interest Rate+

Loan Estimate (LE)+

Loan-to-Value Ratio (LTV)+

Mortgage Broker+

P&I+

PITI+

Points+

Pre-Approval+

Principal+

Title Commitment+

Underwriter+

Underwriting Conditions+

Verification of Employment (VOE)+

Initial Closing Disclosure (Initial CD)+

Final Closing Disclosure (Final CD)+