Closing Statement/HUD I Settlement Statement
A form used at closing that gives an account of all funds received and paid at the closing, including the escrow deposits for taxes, hazard homeowner’s insurance, and mortgage insurance.
Mortgage Insurance Premium (MIP - FHA or PMI – Private Mortgage Insurance)
Mortgage insurance premium may be collected at loan closing, or included as part of the monthly payment, or both. FHA loans typically require payment of a MIP.
Total Debt Ratio
Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio.