APR
Annual figure that can include the note rate plus certain prepaid finance charges. Not the interest used for monthly P&I.
Definitions
Educational wording only. Prefer official CFPB and NMLS language after you apply.
Note rate
Interest written on the note. Calculates principal and interest.
DTI
Monthly debts divided by gross monthly income.
DSCR
On many investor files: rent divided by the property payment.
LTV
Loan amount divided by value or price.
QM
CFPB Qualified Mortgage category.
Non-QM
A legal mortgage that does not meet the QM definition.
ITIN
IRS taxpayer ID when there is no SSN. Not an immigration status.
NMLS
Nationwide Multistate Licensing System. Verify at Consumer Access.