Your List of Abbreviations Used in the Mortgage Industry

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/DFR

Like all good industries, the mortgage business uses a lot of abbreviations.  And many times they can be confusing.  So I wanted to give a list and explanation of abbreviations used.  Here they are:

1.      UW- this means Underwriting.  Underwriting is the process of your loan being reviewed by an underwriter

2.      GFE- Good Faith Estimate.  This is the form that will have your fees and rate on it. 

3.      APR- Annual Percentage Rate- This is not your Interest Rate.  This is actually a calculation of the rate, fees and mortgage insurance

4.      TIL- Truth in Lending.  This is the form that will give you your APR and the amount of interest you will pay over the life of the loan.  Which can be scary to look at.

5.      FHA- Federal Housing Administration.  An FHA loan, is a mortgage backed by the Government. 

6.      USDA- United States Department of Agriculture.  A USDA loan is a type of loan where the home falls in a “rural” area

7.      HUD- U.S. Department of Housing and Urban Development.  When HUD sells a foreclosed home, they are many times called “HUD Homes”. 

8.      NPS- Non Purchasing Spouse- On FHA and VA loans even if a spouse is not on the loan their debts must be taken into account with the Mortgage.

9.      VOE- Verification of Employment

 

 

Don’t let mortgage abbreviations stress you out, just use this helpful list.  Please call or email me with any questions. 

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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FHA 203-k and FHA 203-k Streamline Loan Group
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Rainer
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Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Madison & Co Properties

Great list to help your clients clarify the alphabet soup of abbreviations, David!  

Jul 09, 2012 07:53 AM #1
Rainmaker
483,252
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX
DaveYourMortgageGuy.com

Thank you Jennifer!

Jul 09, 2012 08:11 AM #2
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Rainmaker
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David Krichmar

DaveYourMortgageGuy.com
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