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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.
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Understanding mortgage terms is crucial for a strong home loan application. This guide explains key acronyms like LVR (Loan-to-Value Ratio), which compares loan size to property value, and DTI (Debt-to-Income), which measures total debt against your earnings.
Lenders also assess your UMI (Uncommitted Monthly Income) and require AML (Anti-Money Laundering) identity checks. Maintaining a good credit score is vital for approval, and seeking professional advice from a mortgage adviser can help you navigate the process.
What does LVR mean?
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What does DTI mean?
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What does UMI mean?
Image provided by mortgages.co.nz
What does AML mean?
What is a credit score?
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