- AB 1482
- California's Tenant Protection Act: rent cap and just-cause rules.
- APR
- Annual percentage rate: the cost of credit including certain fees, expressed as a yearly rate.
- Blended rate
- Balance-weighted average rate of two loans; not an APR.
- Cash-out refinance
- Replacing the current mortgage with a larger one and taking the difference in cash.
- Closing Disclosure
- The 5-page final terms and costs form, received at least 3 business days before closing.
- DSCR
- Debt-service coverage ratio: rent divided by the full housing payment on a rental.
- DTI
- Debt-to-income ratio: monthly debts divided by gross monthly income.
- Gift letter
- A signed statement that money from a relative is a gift, not a loan.
- HELOC
- Home equity line of credit, usually with a variable rate and a draw period.
- Loan Estimate
- The 3-page form a lender gives within 3 business days of application showing terms and estimated costs.
- Non-QM
- Mortgage programs outside the Qualified Mortgage rules, such as bank-statement or DSCR loans.
- PITIA
- Principal, interest, taxes, insurance and association dues.
- Points
- Upfront charges paid to lower the interest rate.
- Tolerance cure
- A lender's refund when a fee exceeds its TRID tolerance.