Mortgage jargon, translated.

Your interest rate plus most loan fees, expressed as one yearly number. It exists so you can compare loan offers apples-to-apples — a low rate with high fees can have a higher APR than a slightly higher rate with low fees.

The fees due at signing — lender charges, title, appraisal, prepaid taxes and insurance. Typically 2–4% of the purchase price. Sellers can sometimes cover part of them; that's negotiated in your offer.

The cash you put toward the price up front. Despite the famous myth, it can be as low as 3% conventional, 3.5% FHA, or 0% on VA and USDA loans.

A good-faith deposit (often 1–2% of the price) that accompanies your offer and shows the seller you're serious. It counts toward your closing costs and down payment — it's not extra money.

A holding account your lender manages to pay your property taxes and homeowners insurance for you. Part of each monthly payment goes into it, so those big annual bills never sneak up on you.

A monthly charge on conventional loans with less than 20% down. It protects the lender, and it cancels once you hit 20% equity. It's the tool that makes low-down-payment buying possible — not a penalty.

Optional up-front fees that buy your rate down. One point costs 1% of the loan amount. Sometimes worth it, sometimes not — the math depends on how long you'll keep the loan, and Forrest will run it with you honestly.

Principal, Interest, Taxes, Insurance — the four pieces of a full monthly payment. When Forrest quotes a payment, it's PITI, so the number you see is the number you'll live with.

The three-digit number lenders use to price your loan. Conventional typically wants 620+, FHA can go lower, and higher scores earn better pricing. Not perfect — just workable.

Your monthly debt payments divided by your gross monthly income. It's how lenders judge whether a payment fits your life. Most programs like to see total DTI under roughly 45–50%.

A lender's written statement — after verifying your income, assets, and credit — of what you can borrow. In the west metro market, offers without one rarely get taken seriously.

The lighter cousin of pre-approval: an estimate based on stated (not verified) numbers. Fine for early daydreaming; get the real pre-approval before you shop.

Money left over after closing, measured in months of mortgage payments. Some programs want to see reserves; all underwriters like them. Your emergency fund is doing double duty here.

A licensed appraiser's independent opinion of the home's value, ordered during processing. The loan is based on the lower of price or appraised value — which protects you from overpaying, too.

Underwriting's final sign-off — every condition met, every document verified. Once you hear these words, closing gets scheduled. The best milestone in the whole process.

The final, official statement of your loan terms and cash to close, delivered at least three business days before signing — by law — so you can review everything without pressure.

Freezing your interest rate for a set window (often 30–60 days) so market moves can't change your deal while your loan closes. Forrest will talk timing with you — honestly, since nobody can predict rates.

Title is the legal record of who owns the home; title insurance protects you and the lender if an ownership problem from the past ever surfaces. A one-time cost at closing.

The formal review where a specialist verifies your entire file against the loan program's rules. It's thorough on purpose. Fast document responses are your superpower here.