| ESCROWS | includes your taxes and homeowners insurance in with your monthly payment - for example: divide your cost of homeowner's insurance by 12 and divide your taxes for the property by 12. Add each figure to your monthly payment. |
| ADJUSTABLE RATE | usually is fixed for 1 to 5 years and then will adjust monthly, every 3 months or every 6 months. Rates tend to be lower than fixed rates rates at the beginning. |
| FIXED RATE | is fixed for the life of the loan. |
| DEBT TO INCOME | Your salary divided into your outstanding debts. |
| LOAN TO VALUE | (LTV) the appraisal value and the amount of your loan - $80,000 appraised value and $80,000 loan value equals 100% LTV. $80,000 appraised value and $64,000 loan value equals 80% LTV. |
| CREDIT SCORE | comes from 3 different credit bureaus - (Transunion, Experian, Equifax) scores range from 300 to 800. |
| BI WEEKLY PAYMENT | instead of each month making one payment you pay every two weeks only half payments. But 2 months of the year an extra payment is made cutting your mortgage down over the life of the loan. |