Mortgage Terms Glossary

Getting a mortgage is often the single largest and most important financial commitment you’ll make. At Achroma, we worked hard to simplify and explain the application process, but there are still many terms you may need to understand as you go through the process.

Technical industry jargon adds a layer of complication to the largest and most important financial commitment you’ll make. The last thing you want to do is Google a bunch of terms after having a conversation with a Loan Officer. Doing this might also lead to more confusion if the “answers” you find don’t make sense in the context of your previous conversation.  

At Achroma, we work hard to educate you about the ins and outs of obtaining a mortgage. Part of that education process is providing you with the knowledge that will allow you to “talk shop” with your non-commissioned Loan Coach or with other industry insiders. This will help save you time and money and give you a better understanding of the financial commitment you are seeking.  

We created several short answer glossaries to help you along the way and give you a better understanding of the questions being asked and your options as you complete the application. Here are a few to get started:

These will give you a better understanding of the questions being asked during the application process. The definitions are also available as you complete your mortgage application so be sure to pay attention to the hints and suggestions that appear to the right of most fields in our application. These are meant to serve as a guide to help you along the way.  

Please check out the Achroma Mortgage Blog for more information about the mortgage process. This resource is always a good starting point for your educational needs. If you have any questions about these terms or anything else related to getting a mortgage or buying a home then please reach out to us today at 970-670-0826.