Mortgage Terms

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The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.

Team Souther Glossary

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There are 6 names in this directory beginning with the letter L.
Lender Appraisal Processing Program (LAPP)
This computer system allows authorized lenders to directly order and process VA appraisals, which are conducted by independent VA-approved appraisers.

Listing Agent
This is the real estate agent representing a home seller.

Loan Officer
On a lender's front lines, loan officers help veterans get qualified for a loan and navigate the entire process.

Loan Processor
This person pulls together outstanding documents and information once a borrower has signed a purchase contact. Their job is to piece together loan applications for an underwriter.

Loan-to-Value Adjustment
A mark-up on conventional loan rates based on a borrower's credit score and down payment.

Lock Fee
Some lenders charge borrowers for rate locks, depending on the time period, the rate and other factors. Always ask about lock fees when shopping for a lennder.

Mortgage Calculator

Purchase price
Please enter here the amount you expect to pay for a home.
Enter a value
Down payment
Down payment is cash that you pay upfront for your home.
20.0%
Enter a value
Term in years
Number of years you have to pay.
years
Enter a value
Interest rate (per year)
The percentage of interest that you will pay on your mortgage for a specific term.
%
Enter a value
Property tax
Enter your property tax here if you know it.
per year
Enter a value
Home insurance
Most lenders require home insurance. Enter its price here.
per year
Enter a value
PMI
PMI is Private Mortgage Insurance which is usually required to pay if your Down payment less than 20%.
per month
Enter a value

Your total monthly payment


$

Principal & Interest
$
Home insurance
$
Property taxes
$
PMI
$