Summary: When it comes to the world of homebuying in Washington, Oregon, Idaho or Colorado there’s a certain lingo that’s unique to this realm. This can make it a bit difficult for buyers who are new to the homebuying game to follow and understand. As such, it’s worthwhile for buyers to take a little bit of time to get to know some of the acronyms that are frequently used in the industry.
For instance, do you know what APR, FRM, DTI, PMI, and P&I mean? Well, they stand for annual percentage rate, fixed-rate mortgage, debt-to-income ratio, private mortgage insurance, and principal and interest, respectively. And while these phrases might sound foreign to you when you first hear them, knowing what they are and what they mean can help you better understand the homebuying process.
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If you’re in the market to buy a home, Sammamish Mortgage is available to help. We offer a wide variety of mortgage programs and tools with flexible qualification criteria. We’ve been helping buyers obtain the mortgages they need in Oregon, Washington, Colorado, and Idaho for over 25 years, and we’d love to help you too. Please contact us today to get started.