Homebuying Smarts: What Do These Mortgage Terms Mean?


Loan-to-value (LTV) in home loans is a number lenders use to determine how much risk they're taking on by financing a loan. It's expressed in a ratio and measures the relationship between the loan amount and the property's market value.

Amortization refers to the process of paying off the loan with regular monthly payments, gradually shifting from paying mostly interest to paying mostly principal.

Debt-to-Income ratio (DTI) is the percentage of your gross monthly income that goes towards payments for rent/mortgage, credit cards, or other debt.

This is not a commitment to lend. Loan approval is subject to credit, underwriting, and property approval. Rates and terms subject to change without notice. Additional conditions and restrictions may apply. Contact us for details.

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