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What is a net wire?
The amount that the lender wires into closing that equals the closing loan amount less any amounts to be paid…
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What is net funding?
The net funding is the closing loan less any amounts to be paid to the lender. By subtracting or "netting…
What is PITIA?
"PITIA” stands for “principal, interest, taxes, insurance, and association fees”. This generally refers to the monthly payment required by a…
What is PITI?
"PITI" stands for “principal, interest, taxes, and insurance”. This generally refers to the monthly payment required by a borrower for…
What is a rate-and-term refinancing?
A rate-and-term refinancing is shorthand for a new loan that will replace the current loan only (i.e., it will adjust…
What is a cash-out refinancing?
A form of refinancing where the borrower will receive cash at closing. The amount of cash out will differ from…
What is a loan-to-cost ratio?
The loan-to-cost ratio is equal to the loan amount divided by the total project cost:loan-to-cost ratio = total loan amount…
What is a holdback?
The portion of the total loan amount not funded at closing. Common holdbacks include construction loans and interest reserves.Are you…