eHomeLoan Mortgage Glossary
eHomeLoan Mortgage Glossary
🏡 eHomeLoan Mortgage Glossary: Key Terms You Need to Know
At eHomeLoan, we believe knowledge is power — especially when it comes to mortgages. Use this glossary to understand common mortgage terms and feel more confident in your home loan journey.
📞 Call us at (800) E-HOME-LOAN
📧 Email us at welcome@ehomeloan.com for expert guidance from the eHomeLoan team.
Pre-Qualification
An estimate of how much you may be able to borrow, based on basic financial info. Start your journey with eHomeLoan’s easy pre-qualification.
Pre-Approval
A more thorough review of your finances, giving you stronger buying power. eHomeLoan’s pre-approvals make you a competitive buyer.
Interest Rate
The cost of borrowing money, shown as a percentage. eHomeLoan works to find you the best possible rate.
APR (Annual Percentage Rate)
Includes the interest rate plus fees, giving you a complete picture of loan costs. eHomeLoan helps you compare options wisely.
Down Payment
The money you pay upfront toward your home. Ask eHomeLoan about low or 0% down payment programs.
Closing Costs
Fees and expenses due at closing (e.g., taxes, lender fees). eHomeLoan provides clear, upfront cost breakdowns.
Escrow
An account used to pay property taxes and insurance. eHomeLoan manages escrow to ensure your bills are paid on time.
Fixed-Rate Mortgage
A loan with an interest rate that stays the same for the full term. Stability and predictability with eHomeLoan.
Adjustable-Rate Mortgage (ARM)
A mortgage with a variable interest rate after an initial fixed period. eHomeLoan helps you weigh short- and long-term savings.
Principal
The amount you borrow — not including interest. With eHomeLoan, you’ll always know how your payments apply.
PMI (Private Mortgage Insurance)
Insurance required on certain loans when the down payment is less than 20%. eHomeLoan can help you reduce or avoid PMI.
Loan Estimate
A document showing your estimated loan terms and costs. eHomeLoan makes sure you understand every number.
Underwriting
The process of reviewing your credit and financial info. eHomeLoan’s AI-powered underwriting speeds this up.
Appraisal
A professional estimate of your home’s market value. Required by lenders — and coordinated by eHomeLoan.
Closing Disclosure
A final summary of your loan costs. Delivered before closing. eHomeLoan helps you review it with confidence.
💬 Still Have Questions?
Let the eHomeLoan team guide you through every step of the mortgage process. We’re here to make complex terms simple — and your dream of homeownership a reality.
📞 Call us at (800) E-HOME-LOAN
📧 Email us at welcome@ehomeloan.com to speak with a mortgage specialist today.