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Understanding the meaning of mortgage acronyms and terminology
Here’s a quick explanation of what the main mortgage terms mean to help you start talking like a pro.
AI summary
Navigating the world of mortgages is easier when you understand the terminology. Key acronyms include LVR (Loan-to-Value Ratio), which compares your loan to the property's value, and DTI (Debt-to-Income Ratio), which measures your total debt against your income.
Lenders also assess your UMI (Uncommitted Monthly Income) to gauge financial stability. Be prepared for AML (Anti-Money Laundering) checks, which require identity verification. Maintaining a good credit score is also crucial for improving your loan approval chances.
What does LVR mean?
Image provided by mortgages.co.nz
What does DTI mean?
Image provided by mortgages.co.nz
What does UMI mean?
Image provided by mortgages.co.nz
What does AML mean?
What is a credit score?
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