Speak the language
Adjustable-rate mortgage (ARM)
A loan whose interest rate may change over time based on a defined index and schedule.
Amortization
How a loan is gradually paid off through scheduled payments of principal and interest.
Annual percentage rate (APR)
A broader measure of borrowing cost that includes some fees in addition to the interest rate.
Appraisal
An estimate of a property's value, often required by a lender before financing.
Closing costs
Costs paid at closing beyond the purchase price; they vary by loan type and location.
Conventional loan
A mortgage not insured or guaranteed by a government program.
Debt-to-income ratio (DTI)
A comparison of your monthly debt payments to your monthly income, used in underwriting.
Down payment
The upfront portion of the purchase price you pay; the rest is typically financed.
Earnest money
A deposit showing your intent to proceed with a purchase; terms vary by transaction.
Escrow
A neutral third-party process that holds funds and documents until conditions are met.
Equity
The difference between your home's value and what you still owe on your mortgage.
Fixed-rate mortgage
A loan whose interest rate stays the same for the entire term.
Interest rate
The cost of borrowing, expressed as a percentage; a key factor in your monthly payment.
Loan term
The time you have to repay the loan, commonly 15 or 30 years.
Loan-to-value (LTV)
The loan amount compared to the property's value, expressed as a percentage.
Preapproval
A lender's conditional commitment after a more detailed review; not a final loan approval.
Prequalification
A preliminary, less detailed estimate of what you might borrow; not a commitment.
Principal
The amount you borrow, separate from interest, that you repay over time.
Private mortgage insurance (PMI)
Insurance that may be required on certain conventional loans with a lower down payment.
Underwriting
The lender's process of evaluating a loan application against its requirements.
Quick answers by topic
General educational answers. For anything specific to your situation, a licensed loan officer is the right next step.
Before your first conversation
New to the process? Start by getting oriented on down payments, closing costs, and the difference between preapproval and prequalification. Then bring your questions to Tracy — no pressure, no automated approval decision.
Preparation checklist
- Review your monthly budget and comfort range
- Estimate your available savings for down payment and closing costs
- Gather government-issued photo identification
- Collect recent pay statements
- Gather recent bank and account statements
- Locate recent federal tax returns
- List monthly debts and obligations
- Note questions to ask a licensed loan officer
- Consider your target timeline for moving
- Review your credit report for accuracy
Verified disclosures
Always confirm current approved language directly with Barrett Financial compliance. Links below are official company references.
Professional & company
- Loan officer
- Tracy Teresa Azemika
- Company
- Barrett Financial
- Individual NMLS
- 1658370
- Company NMLS
- 181106
Tracy is licensed in Arizona (AZ License LO-2018913) and California (CA License CA-DBO1658370), verified on NMLS Consumer Access. Barrett Financial holds AZ MB-0904774, AZ BK-1040938 and CA 60DBO-46052, CA 41DBO-148702.
NMLS Consumer AccessOfficial legal references
* Official company policy — the displayed policy text requires Barrett Financial compliance approval before publishing on this site.
Equal Housing Lender. Loans are subject to credit approval. Programs, rates, terms, and conditions are subject to change. This site does not constitute legal, tax, or financial advice.