Published August 30, 2018

Mortgage Terminology

Author Avatar

Written by Brad Benat

Mortgage Terminology header image.

DTI: Debt to income

·         Underwriters turn to this ratio to determine if a borrower can financially meet a mortgage obligation.

UETA: Uniform Electronics Transactions Act

·         One of this Act’s purposes is to help harmonize state laws with the recognition of electronic signatures on documents.

PITI: Principal and interest plus taxes and insurance

·         Lenders often will break a borrower’s monthly payment down into this equation.

ATR: Ability to repay

·         The Dodd-Frank Act mandates that lenders ensure borrowers have the ability to repay their debt.

HOEPA: Home Ownership Equity and Protection Act

·         The law helps to determine when a loan becomes considered a high-cost mortgage.

SFHA: Special Flood Hazard Area

·         Lenders must monitor flood maps to see if the property has been placed into these zones.

Tags

Financing

|

I agree to receive automated marketing calls and texts (SMS/MMS) from , its affiliates and their agents. Msg & data rates may apply. Msg frequency varies. Reply STOP to cancel. Consent is not required for purchase. I also agree to the Terms of Use and Privacy Policy.

home

Are you buying or selling a home?

Buying
Selling
Both
home

When are you planning on buying a new home?

1-3 Mo
3-6 Mo
6+ Mo
home

Are you pre-approved for a mortgage?

Yes
No
Using Cash
home

Would you like to schedule a consultation now?

Yes
No

When would you like us to call?

Thanks! We’ll give you a call as soon as possible.

home

When are you planning on selling your home?

1-3 Mo
3-6 Mo
6+ Mo

Would you like to schedule a consultation or see your home value?

Schedule Consultation
My Home Value

or another way