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- 7 Essential Tips For Buying Your Next Home
- All About Your Credit
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- 10 Things to Know Before Refinancing Your Mortgage
- How Do I Get My Home Ready to Sell? 7 Easy Steps
- What Are the Costs of Homeownership?
- What is PMI (Private Mortgage Insurance) and Why Am I Paying It?
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Mortgage Glossary
Principal
The amount of your mortgage loan, excluding interest, which has not been paid.
Principal & Interest (P&I)
The two charges that make up your monthly mortgage payment. Principal is the outstanding balance of your loan, and interest is the finance charge on that amount.
Private Mortgage Insurance (PMI)
A policy that guarantees payment of a conventional mortgage loan in case of default. Usually required if your down payment is less than 20 percent of the home's price.
Qualification
Meeting a lender's requirements for approval of a mortgage loan in areas such as income, assets, credit history and debt.
Qualifying Ratios
The criteria a lender will calculate to see what percentage of your income you could spend on a monthly mortgage payment. A qualifying ratio consists of a front-end number and a back-end number. For example, a 26/35 ratio means you'll spend approximately 26% of your gross monthly income on your mortgage, and 35% on the mortgage plus other debts such as credit cards and car loans. Traditionally, lenders want a front-end ratio of 28 or lower and a back-end ratio of 36 or lower, though many will accept slightly higher ratios.
Dreaming about owning your own home?
Having a financial plan before you look can help you better prepare for home buying costs.
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Wondering if you should refinance?
Here is a list of ten things you should know before refinancing.
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