Every term, translated

Annual Percentage Rate — your interest rate plus certain loan costs, expressed as a yearly rate. It’s designed for comparing offers apples-to-apples: a low rate with high fees can have a higher APR than a slightly higher rate with low fees.

A licensed appraiser’s professional opinion of the home’s value, ordered during underwriting. Lenders lend against the lower of price or appraised value — it protects you from wildly overpaying.

Combining multiple down payment assistance programs on one purchase — for example, ABH Community Fund money alongside other DPA. Tiaira’s specialty, and often the difference between "someday" and "this year."

The fees to complete your purchase — lender, title, appraisal, government recording, prepaid taxes and insurance. Typically 2–3% of the loan amount. Assistance funds and seller credits can often cover part or all.

The final, official statement of your loan terms and costs, delivered at least 3 business days before closing. Tiaira reviews yours with you line by line — no surprises at the table.

Your monthly debt payments divided by gross monthly income. One of the main numbers lenders use to size your approval. Lower is stronger; assistance programs sometimes have their own caps.

The cash you put toward the purchase price. NOT necessarily 20% — conventional starts at 3%, FHA 3.5%, VA/USDA 0%, and Minnesota assistance programs can cover much of it for eligible buyers.

Loans or grants that cover down payment and closing costs — like the ABH Community Fund (up to $45,000), the First-Gen Community Fund (up to $32,000, forgivable), and Minnesota Housing programs.

A good-faith deposit (often ~1% of price) submitted with your offer, held in escrow, and credited back to you at closing. It shows the seller you’re serious.

The share of the home you actually own: value minus what you owe. It grows from paying principal and from appreciation — and it’s the engine of generational wealth.

A neutral holding account. During purchase, it holds your earnest money. After closing, your lender uses an escrow account to collect and pay your property taxes and insurance automatically.

Generally: you’ve never owned a home AND your parents never owned (or lost theirs to foreclosure). Minnesota built first-of-their-kind programs specifically for first-gen buyers.

A home passed down without a clear will or title, leaving ownership split among relatives. Historically a major drain on Black family wealth — preventable with basic estate planning once you own.

Principal, Interest, Taxes, Insurance — the four parts of a full monthly payment. Add HOA dues and (under 20% down) mortgage insurance for the complete picture. Our calculator shows all of it.

A monthly cost on conventional loans with less than 20% down. It drops off as you build equity — and some programs reduce or avoid it entirely.

A verified review of your credit, income, and assets resulting in a letter stating what you can borrow. Stronger than "pre-qualification" — and what sellers want to see with your offer.

A clause once written into property deeds barring sale to Black families and other groups. Unenforceable since 1948 (and illegal since 1968), but the wealth patterns they created still shape Minnesota’s map today.

Freezing your interest rate for a set window (usually 30–60 days) so market moves can’t change your deal while your loan closes.

Federal-era maps that graded minority neighborhoods "hazardous," cutting them off from government-backed mortgages for decades. Outlawed in 1968; its wealth effects compound to this day.

The lender’s formal verification of everything — income, assets, credit, appraisal. Requests for more documents ("conditions") are normal, and Tiaira translates every one.