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Mini Mortgage Terms
Estimated time to finish: 8–10 minutes
Start here if mortgage terms feel confusing
Start here if mortgage terms feel confusing
Mortgage files and job posts may include terms that feel unfamiliar at first. This module gives you a beginner-friendly overview of a few common terms so you can follow basic mortgage conversations more easily.
WHAT YOU'LL LEARN IN THIS MODULE
WHAT YOU'LL LEARN IN THIS MODULE
Why mortgage terms matter
6 beginner mortgage terms you may hear often
Why you do not need to memorize everything right away
How these terms connect to the bigger mortgage workflow
WHY THESE TERMS MATTER
WHY THESE TERMS MATTER
Mortgage terms help you understand basic file notes, job posts, client instructions, and loan updates. You do not need to memorize every term right away. Start with a few beginner terms that help you understand the role, documents, and workflow.
BEGINNER TERMS TO KNOW
BEGINNER TERMS TO KNOW
1003 / URLA
1003 / URLA
The main residential loan application form used to collect borrower and loan information.
PITI
PITI
Principal, Interest, Taxes, and Insurance. These are common parts of a borrower’s monthly mortgage payment.
DTI
DTI
Debt-to-Income. This compares monthly debts to monthly income.
LTV
LTV
Loan-to-Value. This compares the loan amount to the property value or purchase price.
AUS
AUS
Automated Underwriting System. At beginner level, you only need to recognize that AUS findings may include messages, requirements, or items the team needs to review.
CONDITIONS
CONDITIONS
Items, documents, explanations, or updates requested before the loan can move forward.
Important reminder
Important reminder
These are beginner definitions only. Mortgage terms can have deeper meanings depending on the loan type, lender, investor, and company workflow. You may see these terms in the 1003, Loan Estimates, AUS findings, and condition requests.
Key takeaway:
Key takeaway:
You do not need to memorize every mortgage term right away. Start with the terms that help you understand the basic role, documents, and workflow.
Quick Check (answer in 1 sentence each)
Quick Check (answer in 1 sentence each)
What does PITI stand for?
What does DTI compare?
What does LTV compare?
What is the 1003 also called?
What are conditions in a mortgage file?
Now that you reviewed the role, flow, documents, 1003, and basic terms, you can try a simple starter practice activity.
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