Real Estate Terms - Real Estate Abbrevations

Terms and Abbreviations You May Encounter When Buying or Selling Montana Property

Below is a quick reference guide to some of the more commonly used terms and abbreviations a Montana real estate buyer or seller may encounter when buying or selling Montana property.

ALTA - American Land Title Association APR - Annual Percentage Rate ARM - Adjustable Rate Mortgage ATIMA - As Their Interest May Appear BD - Buydown CCR - Covenants, Conditions, & Restrictions CE - Certificate of Eligibility CHFA  -California Housing Finance Association CI - Current Index CK - Check CLTV - Combined Loan-to-Value CMT - Constant Maturity Treasury CO - Certificate of Occupancy DBA - Doing Business As DE - Direct Endorsement Disc - Discount DO  -Desktop Originator docs - Documents DOT - Deed of Trust DU - Desktop Underwriting ECOA - Equal Credit Opportunity Act EofI - Evidence of Insurance FAQs - Frequently Asked Questions FCRA  -Fair Credit Reporting Act FHA - Federal Housing Administration FHLMC - Freddie Mac FICO - Credit Score FIR - Fully Indexed Rate FNMA - Fannie Mae FYI - For Your Information GFE - Goodfaith Estimate GNMA - Government National Mortgage Assoc. - (Ginnie Mae) GPM -Graduated Payment Mortgage Gross - Gross amount HELOC - Home Equity Line of Credit HOA - Home Owners’ Association HUD - Department of Housing & Urban Development IBS - Individual Benefit Statement IND - Individual Inv - Investor JT - Joint JTRS - Joint Tenants with Rights of Survivorship Legal - Legal description on a property LOC - Line of Credit LTV - Loan-to-Value LP - Loan Prospector MBA  -Mortgage Bankers Association MCC - (FHA) Master Conditional Commitment MCR  -Merged Credit Report MCRV - Master Certificate of Reasonable Value MI - Mortgage Insurance MIP - Mortgage Insurance Premium (FHA) MLS - Multiple Listing Service NAR - National Association of Realtors NAV  -No Asset Verification Net - Net amount NINA - No Income No Asset

NIV - No Income VerificationN/O/O Non-Owner-Occupied OIS  - Operating Income Statement O/O - Owner-Occupied Orig - Origination P&L - Profit & Loss PMI - Private Mortgage Insurance POA - Power of Attorney PUD - Planned Unit Development Pur - Purchase R&E - Renewal & Extension Refi - Refinance RESPA - Real Estate Settlement Procedure Act rider - Attachment to a Deed or Note RLIC - Residential Loan Inventory Control RLPC - Residential Loan Production Control RLPC - Rate Lock Price Confirmation Schedule A - Schedule on a title report SLMA - Student Loan Mortgage Association (Sallie Mae) SOP - Standard Operating Procedure SRP - Service Release Premium Sub - Subordination Agreement term - Loan term VA - Veterans Administration VOD - Verification of Deposit VOE - Verification of Employment VOL - Verification of Loan VOM - Verification of Mortgage VOR - Verification of Rent VHDA - Virginia Housing Department Association TIL - Truth-in-Lending 1040s - Tax Returns 30/15 - 30-year balloon loan due in 15 years 15/15 - 15-year balloon loan due in 15 years 3/1 - Fixed-rate loan for 3 years then adjusts every year after 5/1 - Fixed-rate for 5 years then adjusts every year after 7/1 - Fixed-rate for 7 years then adjusts every year after 10/1 - Fixed-rate for 10 years then adjusts every year after 7/23 - Fixed-rate for 7 years then comes due to payoff/refi 5/25 - Fixed-rate for 5 years then comes due to payoff/refi 3-2-1 - 3-year buydown 2-1 - 2-year buydown 28/36 - Ratios for Qualifying (front ratio/back ratio) 33/38 - Ratios for Qualifying (front ratio/back ratio) 360 - 30-year loan 240 - 20-year loan 180 - 15-year loan 120 - 10-year loan 3 ½ - Computer Disk 2nd - Second Mortgage

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All information contained herein is derived from sources deemed reliable, however, information is not guaranteed by Prudential Montana Real Estate, Managing Broker, Taunya Fagan or other Agents or Sellers. Offering is subject to error, omissions, prior sales, price change or withdrawal without notice and approval of purchase by Seller. We urge independent verification of each and every item submitted, to the satisfaction of any prospective purchaser. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.