Mortgage Terms to Know - New Dwelling Mortgage

Total of Payments

This number tells you the total amount of money you will have paid over the life of your mortgage. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage updates this information periodically. This … Read more

TRID

“TRID” is an acronym that some people use to refer to the TILA RESPA Integrated Disclosure rule. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage updates this information periodically. This information may … Read more

USDA Loan

The Rural Housing Service, part of the U.S. Department of Agriculture (USDA) offers mortgage programs with no down payment and generally favorable interest rates to rural homebuyers who meet the USDA’s income eligibility requirements. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It … Read more

VA Loan

A VA loan is a loan program offered by the Department of Veterans Affairs (VA) to help servicemembers, veterans, and eligible surviving spouses buy homes. The VA does not make the loans but sets the rules for who may qualify and the mortgage terms. The VA guarantees a portion of the loan to reduce the … Read more

PMI

Private Mortgage Insurance (PMI) is a type of mortgage insurance that benefits your lender. You might be required to pay for PMI if your down payment is less than 20 percent of the property value and you have a conventional loan. You may be able to cancel PMI once you’ve accumulated a certain amount of … Read more

Origination Fee

An origination fee is what the lender charges the borrower for making the mortgage loan. The origination fee may include processing the application, underwriting and funding the loan, and other administrative services. Origination fees generally can only increase under certain circumstances. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on … Read more

Owner’s Title Insurance

Owner’s title insurance provides protection to the homeowner if someone sues and says they have a claim against the home from before the homeowner purchased it. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New … Read more

Payoff Amount

Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan. Your payoff … Read more

PITI

Principal, Interest, Taxes, and Insurance, known as PITI, are the four basic elements of a monthly mortgage payment. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage updates this information periodically. This information … Read more

Prepaid Interest Charges

Prepaid interest charges are charges due at closing for any daily interest that accrues on your loan between the date you close on your mortgage loan and the period covered by your first monthly mortgage payment. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer … Read more

Christopher Cardinali

21:38 09 Dec 24

My wife and I worked with Stephen to secure a mortgage for our first house. Stephen did an incredible job walking through every step of the journey and made us feel comfortable throughout the entire process. As first time homeowners, he was thorough, patient, and went above and beyond every step of the way. He was able to alleviate all our concerns and over simplified what could have been a very stressful process, taking time to explain every stage of the process. Gaby was also incredibly attentive and always checked in with us and made sure we were always progressing in accordance with the timeline we had for closing. It was an amazing experience working with them both and we would recommend them to anyone in need!

Michael Stumpf

17:31 08 Dec 24

We had a difficult case, buying a house from the estate of a family member. Steve Simone was just great! It took us more than a year but Steve was there for us through every twist and turn. His experience was invaluable and his responses were always quick and on point. And in the lead up to the closing, Gabi and the back office staff were just as great. Thank you all so much and Five Stars! Highly Recommended!!!

T F

04:27 07 Dec 24

Absolutely amazing team! We worked with Steve and Gaby. Both were extremely attentive, patient and knowledgeable! They walked us through the mortgage loan process step by step. They made the entire process so simple and straightforward. I would highly recommend this business and the team to anyone! You won’t be disappointed!

Ari K

15:11 02 Dec 24

My wife and I are blessed to have met Frank at New Dwelling Mortgage!!! Genuinely an absolute pleasure to work with from start to finish. Can't say enough about him and his company process. We would recommend anyone in the market to give New Dwelling a call first.

Caesar Krit

02:36 04 Oct 24

My wife and I cannot say enough about the expertise and true professionalism that New Dwelling provided for our first home. Gaby and Frank were extremely thorough and worked under short notice to meet deadlines. Would highly recommend to anyone else.