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Mortgage terms simplified
Unless you spend all day helping people buy homes, like we do, mortgage lingo can be a puzzle. Here are some simple translations.

Annual Percentage Rate (APR)
Total yearly cost of the loan which includes the interest rate and other prepaid finance charges.

Closing/Settlement
The meeting between the buyer, seller, and lender where the property and funds legally change hands.

Closing Costs
The fees incurred when purchasing or refinancing a home that may include lender or third-party fees, or prepaid expenses like taxes, insurance and interest.

Down Payment
When purchasing a home, the down payment is the up-front money you need that is not financed by the home loan. Getting financial help with, or using gift monies toward, a down payment may be possible depending on the loan program. 

Escrow
Refers to a neutral third party who oversees a real estate transaction, from initial deposit to final funding. Escrow may also refer to an account held by the lender into which the homebuyer deposits money for tax or insurance payments. 

Hazard Insurance
Protects your home against loss and may include Flood Hazard Insurance if your home is located in a Special Flood Hazard Area.

Interest Rate
The charge for borrowing money, paid over a specific period of time.

Mortgage Insurance
Government and private mortgage insurance protects the lender against loss and is generally required with a down payment of less than 20%.

Points
A percentage of the loan amount, paid at closing, to reduce the interest rate on the loan. One point equals 1% of the loan amount.

Pre-approval/Pre-qualificatio  n 
A pre-qualification is the loan officer's assessment of the applicant's ability to borrow money. With a pre-approval, an underwriter has reviewed the documentation.

Underwriting
An underwriter ensures the applicant meets the loan requirements by reviewing the documentation and approving or denying the loan.

Title Insurance
For a one-time premium paid at the close of escrow, title ensurance covers the loss of ownership interest in a property due to legal defects and is required if the property is under mortgage. 

 

Contact Information
Jennifer Monaco
NMLS #680002
Cell: (503) 560-4115
Fax: (503) 460-0455
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Jennifer Monaco, NMLS #680002
Umpqua Bank
1448 NE Weidler Street, Portland, OR  97236
Cell:  (503) 560-4115
Fax:  (503) 460-0455
jennifermonaco@umpquabank.com
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