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Loan Terminology
  • Amortization – Payment of a debt in equal installments of principal and interest over a period of time.
  • Appreciation – The increase in value of a property over time.
  • Credit Score –Provided to the lender by a credit reporting company - a number from 350 - 850 based on the amount of debt owed, payment history, and likelihood that future debts will be paid on time. It’s an important part of the analysis of a loan applicant’s overall creditworthiness.  
  • Debt-to-Income Ratio (DTI) – The ratio of an applicant’s monthly debt payments to their monthly gross income. DTI impacts the maximum loan amount for which an applicant can qualify.
  • Discount Points – The fee associated with the note rate (interest rate) a loan. You might choose to pay additional discount points to obtain a lower interest rate. One point equals 1% of the loan amount – on $100,000 loan, 1 discount point would equal $1,000.
  • Earnest Money – A deposit given by the buyer to the property seller along with an offer to purchase.
  • Loan-to-Value Ratio – Loan-to-Value (LTV) is a ratio that divides the home loan value into the property value. For example, if your home is worth $100,000 and you owe $60,000 on your home, then your loan-to-value is 100,000/60,000 = 60%.
  • Mortgage Insurance – Insurance written by a private mortgage insurance company or government agency (like FHA) protecting the mortgage lender against loss due to loan default or foreclosure. 
  • Origination Fee – The fee the lender charges to originate the loan, typically a percentage of the loan amount.
  • PITI –The monthly home payment, which is comprised of Principal, Interest, Taxes, and Hazard Insurance. (Monthly payments might also include homeowners’ association dues (HOA) and/or mortgage insurance (MI).
  • Principal – The sum of money outstanding on a home loan upon which interest is payable.
  • Second Mortgage – A mortgage which ranks after a first mortgage in priority. 
  • Underwriting – The analysis of the risk involved in granting a mortgage loan.  Underwriting determines whether the loan meets program and product requirements, and whether a loan represents an acceptable amount of risk to the lender. Underwriting considers the property, the applicant’s savings history, credit history and demonstrated capacity to repay the loan.
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AmeriHome Mortgage Company, LLC
21215 Burbank Boulevard, 4th Floor, Woodland Hills, CA  91367
Toll Free:  (888) 469-0810
homeloans@amerihome.com
Copyright © 2017 NMLS ID 135776

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NMLS Consumer Access(SM) Contains licensing/registration information on mortgage companies, branches, and loan originator professionals licensed by state regulatory agencies participating in the Nationwide Mortgage Licensing System Registry (NMLS).

Products and programs are subject to AmeriHome underwriting guidelines. Rates and terms are subject to change without notice.
Not all products and programs are available in all areas.
This is not an offer for extension of credit or a commitment to lend.
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