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Escrow Account:
The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses. A borrower typically provides funds that will pay taxes, mortgage insurance, lease payments, hazard insurance premiums, and other payments when they are due.
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Know the Three Loan Qualifiers Used in Lending

  • Credit Grade: Your credit is graded between an A++ and D. It is determined by an analysis of credit reports from the three credit bureaus: Transunion, CBI, and TRW.
  • Loan to Value: Loan to Value (LTV) is measured as a percentage from 0-100%. It is determined by dividing the amount of money secured against your property by the appraised value of your property.
  • Debt Ratio: Debt Ratio (D/I) is measured as a percentage from 0-100%. It is calculated by dividing your monthly expenses (mortgages, car payments, and minimum monthly payments to credit cards) by your gross monthly income.

Wondering what other questions you should be asking or what some of these terms mean?
Check out our helpful FAQs section and our glossary of loan terms.