DEFINITIONS:

 APR: Annual Percentage Rate calculates the cost to the applicant for the mortgage by taking the total amount borrowed and subtracting certain fees from that amount and then figuring what the interest rate then calculates out to without changing the payment amount. APR is an easily manipulated number which makes it difficult if not impossible to compare different programs and products.

PMI (or just MI): Private Mortgage Insurance is charged on conforming mortgages that are over 80% LTV.

LTV: Loan-to-Value is the percentage of the mortgage to either the purchase price (when purchasing) or the appraised value (when refinancing an existing mortgage).

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