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APR (Annual Percentage Rate)The total cost of a loan—including interest and most fees—expressed as a yearly rate.DTI (Debt-to-Income Ratio)Your monthly debt payments divided by your gross monthly income. Lower is better.LTV (Loan-to-Value Ratio)Loan amount divided by the home’s value. Lower LTV can mean better pricing.P&I (Principal & Interest)The base mortgage payment before taxes, insurance, HOA dues, or PMI.EscrowA portion of your payment set aside to pay property taxes and homeowners insurance.PointsOptional upfront fees you can pay to lower your interest rate (a.k.a. “buying down” the rate).
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