14 Oct 5 Homebuying Acronyms You Need to Know
1. APR (Annual Percentage Rate)
Annual cost of borrowing money based on the loan amount, interest rate, and certain other fees.
2. FRM (Fixed-Rate Mortgage)
Interest rate that does not change during the entire term of your loan.
3. DTI (Debt-to-Income)
Percentage of your monthly income that goes toward your monthly debt payments.
4. PMI (Private Mortgage Insurance)
Insurance that protects lenders from losses if a homeowner is unable to pay their mortgage. It is required for homebuyers who make down payments less than 20% of the home purchase price.
5. P&I (Principal and Interest)
Principal and interest are the portions of your monthly mortgage payment that go towards paying off the money you borrow to buy your home.
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