APR (Annual Percentage Rate)
Annual cost of borrowing money based on the loan amount, interest rate, and certain other fees.
FRM (Fixed-Rate Mortgage)
Interest rate that does not change during the entire term of your loan.
DTI (Debt-to-Income)
Percentage of your monthly income that goes toward your monthly debt payments.
PMI (Private Mortgage Insurance)
Insurance that protects lenders from losses if a homeowner is unable to pay their mortgage. it is required for home buyers who make down payments less than 20% of the home purchase price.
P&I (Principal and Interest)
Principal and interest are the portions of your monthly mortgage payment that go toward paying off the money you borrowed to buy your home.