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Some key terms in the mortgage business:

LTV-Loan to Value (the percentage the lender is willing to lend against the value of the subject property).

Rate-Interest Rate (the percentage of interest the lender charges on your mortgage).

Amortization- (the number of years that the mortgage re-payment schedule will be based upon).

Term-(the duration of time before the loan becomes due or is paid off. The term doesn’t necessarily have to equal the amortization schedule).

Escrows-(lenders may require tax and/or insurance payments be included in the mortgage payments).

P&I-Principal and Interest (the monthly payment that includes both principal and interest).

Equity-(the difference between what a property is worth and what is owed on it).

Bridge Loan-(short term loan of three years or less)

Permanent Loan-(financing that is at least 60 months in duration).

Senior Debt-(financing in the form of debt that must be in 1st lien position on the real estate property/project).