Maura Sullivan

Maura Sullivan ~ Your Northern Virginia Realtor

 Mortgage Definitions to assist you

 Principal and Interest: This is your principal and interest payment part of your monthly payment. It does not include your taxes, homeowners or other monthly fees.

Loan Type: Will indicate whether it is a conventional or government loan, fixed or ARM mortgage and the years to repay the mortgage.

Interest Rate: The interest rate being used to repay the loan.

Other Monthly Fees: If you have any homeowner's or other unique fees to your home that you are required to pay monthly.

Funds to Close: Indicates how much 'cash' you need to bring to the table to close the loan. This is counting your earnest money deposit.

Total Loan Amount: This is the total amount of money you are borrowing. This includes, if applicable, your first and second trust.

Projected Closing Date: This is an estimation of when you are expected to close on your home. This can change.

Secondary Financing: Indicates the amount of your monthly payment for your second trust.

Real Estate Taxes: The monthly amount you pay in real estate taxes.

Home Owners Insurance (also known as 'Hazard Insurance': The amount you pay to insure your home.

Condo Fee: If applicable, this is the fee your condo association charges. Typically, it is not included in your mortgage payment.

Mortgage Insurance: If applicable, you pay this monthly when you have an LTV over 80%.

Rate is Locked: Indicates that your interest rate is 'locked' and will not change prior to your closing.

Length of Lock: Indicates for how many days your interest rate is locked.

Lock Expires on: Tells you the day your rate is no longer locked and may change depending on the market.

LTV: Loan To Value is the amount of money the bank is loaning you against the value of your house.

CLTV: Cumulative Loan To Value is the total amount the bank is loaning you including the first and second trust.

Appraised Value: The amount your home is worth.