Mortgage resources
The Lending with Lucas Learning Studio.
Guides, checklists and definitions — written so you never feel lost in the process.
Guides
Mortgage Terms in Plain English
Coming soon
Documents to Gather Before Applying
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Ten Mistakes to Avoid During Underwriting
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Questions to Ask Your Mortgage Lender
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How to Compare Loan Estimates
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What Is Escrow?
Coming soon
How Property Taxes Affect Payments
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What Happens if an Appraisal Comes in Low?
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What to Expect During Closing Week
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What Not to Do After Going Under Contract
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Buying While Self-Employed
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How to Prepare Six Months Before Buying
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Understanding Discount Points
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What Happens After You Close?
Coming soon
Mortgage glossary
- APR
- Annual percentage rate — the yearly cost of a loan including certain fees, expressed as a percentage.
- Amortization
- Paying off a loan through scheduled payments of principal and interest over time.
- Appraisal
- An independent estimate of a property's market value used by the lender.
- Closing Disclosure
- A form showing final loan terms and closing costs, provided at least three business days before closing.
- Debt-to-income ratio (DTI)
- Monthly debt payments divided by gross monthly income.
- Discount points
- Optional upfront fees paid to lower the interest rate.
- Earnest money
- A deposit made with an offer to show good faith.
- Escrow
- An account the servicer uses to pay property taxes and insurance on your behalf.
- HELOC
- Home equity line of credit — a revolving credit line secured by your home.
- Jumbo loan
- A mortgage above the conforming loan limit for an area.
- Loan Estimate
- A standardized form summarizing estimated terms and costs after you apply.
- LTV
- Loan-to-value — the loan amount divided by the property value.
- PMI
- Private mortgage insurance, often required on conventional loans with less than 20% down.
- Preapproval
- A lender's conditional review of your credit, income and assets.
- Underwriting
- The lender's process of verifying and evaluating your loan file.
Finale
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