Mortgage Terminology

Glossary Index


Common Terms

Closing Disclosure / 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.

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.

Loan Estimate

A mortgage disclosure that is generally provided after application. The document identifies costs associated with a mortgage and can be used to compare mortgage offers from different lenders.

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.

STILL HAVE QUESTIONS?

Get in touch with us here at Pulte Mortgage. We love to help.