Terms with Tag Preapproval

  • Combined Loan-to-Value (CLTV) Bank, Very Important,
    • The connection between the unpaid principal balances of all the mortgages on a property (first and second usually) and the property's appraised value (or sales price, if it is lower).
    A term used by mortgage lenders and mortgage underwriters.
  • Debt Coverage Ratio (DCR)Acronym, Important,
    • Double-Ended Deal (DED)Acronym, Important,
      • An offer to purchase with the same real estate agent acting for the purchaser and the vendor (often a conflict of interest). Higher risk deal cause higher incidences of fraud.
    • Limited Income Verification (LIV)Acronym,
      • Loan-to-Value (LTV) Bank, Very Important,
        • The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
        A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
      • Low to Moderate Income Borrower (LMIB)Acronym,
        • No Income No Asset (NINA)Acronym,
          • Non-Income Qualified (NIQ)Acronym,
            • One Unit Owner-occupied (OUO)Acronym,
              • Quick Closing (QC)Acronym,
                • Rental Income from Property (RIP)Acronym,
                  • Self Employed (S/E)Acronym,
                    • Self-employed Stated Income (SSI)Acronym,
                      • Signed Commitment (SC)Acronym, Important,
                        • Traditional Verifable Income (TVI)Acronym,
                          • Wage Earner (W/E)Acronym,
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