Buying a house is a common undertaking for many Americans, but it’s also one of the most complicated — not to mention costly — purchases adults will ever make. It’s important to understand these 10 essential terms so you understand how much house you can afford and make smart decisions when you buy a home.
Mortgage Phrases You Should Know
Adjustable-rate mortgage (ARM)
A mortgage with an interest rate that can change over time. It typically has a low, fixed initial interest rate and then may adjust regularly either up or down depending on market conditions. It can’t exceed a set rate cap.
Closing cost
The settlement costs and fees that the member will pay to the lender in exchange for finalizing the loan. Common closing cost include appraisal fees, commitment fees, inspection fees, etc.
Down payment
The money you will need to purchase a home. Most loan programs require some kind of down payment. A down payment can be as low as 3% of the purchase price of the home or as much as the member is willing and capable of putting down. Some government-backed loans may even allow you to buy a home with no down payment.
Escrow
A neutral, third-party account that protects the money of both buyers and sellers until real estate transactions are finalized. For example, if you choose to make a deposit with an offer on a home, it would go into an escrow account first rather than directly to the seller. Once you’ve bought a home, escrow accounts are also typically used where the lender will hold money on behalf of the member to pay for property taxes, homeowners insurance and mortgage insurance if applicable on a loan.
FHA loan
A mortgage offered through the Federal Housing Administration (FHA) allows lower credit scores and down payment requirements. An FHA loan requires 3.5% down payment, no cash reserves and is available for primary residence only. You will pay an upfront premium to obtain an FHA loan.
Fixed-rate loan
A mortgage that has the same interest rate for the life of the mortgage loan.
Annual Percentage Rate (APR)
The interest rate that will be paid on the mortgage loan annually plus any additional lender fees. APR is usually expressed as a percentage.
Principal
The amount of money you borrow also known as your loan amount. Note that you end up paying more than this amount because of interest.
Private mortgage insurance (PMI)
Insurance that protects the lender in the event the borrower defaults on the loan. Lenders typically require mortgage insurance if less than 20% down payment is made to purchase a home. Mortgage insurance is usually paid monthly and can be placed in the escrow account for the lender to pay on behalf of the borrower.
VA loan
Mortgages for qualified active duty service members, veterans and eligible surving spouses. VA loans typically offer more favorable interest rates and require low to no down payment. They’re offered by financial institutions but backed by the Department of Veterans Affairs.
Home buying can be confusing, but knowing this important lingo will make it easier to navigate the process.
Visit our mortgage page to learn more about the benefits of home buying with Truliant. Truliant is federally insured by NCUA and is an Equal Housing Lender.
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For more information about a mortgage with Truliant, check our mortgage rates, visit our mortgage page or call us at 800.822.0382 to speak with a mortgage specialist.
Provision of the calculator on this page is not an offer of credit. Its use in no way guarantees that credit will be granted. This calculator is solely for informational purposes and provides reasonably accurate estimates; the calculations are not intended to be relied upon as actual loan computations.
Receive one free overdraft per calendar year by contacting us or visiting a branch. Normal fee of $28 per overdraft applies for all other overdrafts.
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Even if the ATM isn’t Truliant-branded, it can still be surcharge-free if it’s part of our network.
Use the ATM locator to find the most convenient locations near you.
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for SafeSpend Banking:
General Charges
Fee Type
Fee Amount
Monthly maintenance
$5.00
Waived with any of the following:
1) Monthly Total Deposits ≥ $250, or
2) 23 or younger
Official check, payable to third party
$5.00/check
Wire transfer (incoming)
$10.00 (Domestic / International)
Wire transfer (outgoing)
$25.00 (Domestic) $35.00 (International)
For a comprehensive listing of account-related fees, special service fees, and additional details, log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Our Balance Backup coverage offers members emergency overdraft protection, allowing important items to clear and helping you avoid returned payment fees from payees.
Truliant will strive to pay the following types of transactions when you do not have funds available.
Checks and other transactions made using your checking account number
Automatic recurring drafts made using your debit card number
We also offer Balance Backup+ for the following types of transactions when insufficient funds exist in your account:
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for Reserve Plus Banking:
General Charges
Fee Type
Fee Amount
Monthly maintenance
$25.00
Waived with any of the following:
1) Average Monthly Deposit Relationship ≥ $25,000, or
2) Average Monthly Truliant Financial Advisors Investment ≥ $50,000
Order checks
Standard Truliant Checks are free
Wire transfer (outgoing)
$25.00 Domestic, $35.00 International (incoming wires are free)
Overdraft Charges
Fee Type
Fee Amount
Balance Backup* and Balance Backup+** overdraft protection
$28.00/transaction (limit of six service charges per day) - 1 fee waiver per calendar year
Deposit account overdraft protection transfer service charge
$3.00 (limit once daily)
Line of credit overdraft protection transfer service charge
$3.00 (limit once daily)
*Balance Backup service charge occurs anytime we cover overdrafts caused by check, recurring transaction, or other transaction made using checking account or debit card number.
**Balance Backup+ service charge occurs anytime we cover overdrafts caused by debit card or ATM transactions.
For a comprehensive listing of account-related fees, special service fees, and additional details, log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Enjoy a full suite of everyday benefits designed to protect your wallet, your time, and your peace of mind — all part of this powerful package.
Unexpected perks — A $90 per month value if purchased separately:
Lifestyle Protection and Savings
Cell phone protection coverage
24/7 roadside assistance
Buyer protection and extended warranties
Telehealth for your family
Save on healthcare (prescription, vision and dental discounts)
Travel and leisure discounts
Shopping perks (receive cash back or use for purchases)
Or call the Benefits Service Center at 866-298-3686, Mon – Fri, 8:30 a.m. – 5:00 p.m. ET for assistance with registration and activation.
Money Access and Everyday Banking Perks:
Free standard Truliant checks
Free official checks
Free incoming wire transfers
One-time overdraft fee waiver (per calendar year)
Early Pay — Get your paycheck up to 2 days early
Surcharge-free ATMs — Access to 80,000 ATMs worldwide that waive their fees for our members
Free ATM withdrawals, even outside Truliant
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for Essentials Plus Banking:
General Charges
Fee Type
Fee Amount
Monthly maintenance
$7.50
Waived with any of the following:
1) Monthly Direct Deposit ≥ $500, or
2) Average Monthly Checking Balance ≥ $1,500, or
3) Average Monthly Deposit Relationship ≥ $5,000
Order checks
Standard Truliant Checks = $10.00
Official check, payable to third party
$5.00/check
Wire transfer (incoming)
$10.00 Domestic or International
Wire transfer (outgoing)
$25.00 Domestic, $35.00 International
Overdraft Charges
Fee Type
Fee Amount
Balance Backup* and Balance Backup+** overdraft protection
$28.00/transaction (limit of six service charges per day) - 1 fee waiver per calendar year
Deposit account overdraft protection transfer service charge
$3.00 (limit once daily)
Line of credit overdraft protection transfer service charge
$3.00 (limit once daily)
*Balance Backup service charge occurs anytime we cover overdrafts caused by check, recurring transaction, or other transaction made using checking account or debit card number.
**Balance Backup+ service charge occurs anytime we cover overdrafts caused by debit card or ATM transactions.
For a comprehensive listing of account-related fees, special service fees, and additional details, log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Truliant's Early Pay program lets you access your money up to two days before your payday on Automated Clearing House (ACH) direct deposits. You don't need to sign up or opt-in: Early Pay is a free and automatic service we provide to our members. See more details here.
Acceptable forms of identification:
Driver’s license (state or U.S. territory issued)
Driver’s license learner permit (state or U.S. territory issued)
Or call the Benefits Service Center at 866-298-3686, Mon – Fri, 8:30 a.m. – 5:00 p.m. ET for assistance with registration and activation.
Money Access and Everyday Banking Perks:
One-time overdraft fee waiver (per calendar year)
Early Pay — Get your paycheck up to 2 days early
Low-cost standard Truliant checks — Only $10 per order
Surcharge-free ATMs — Access to 80,000 ATMs worldwide that waive their fees for our members
Free ATM withdrawals, even outside Truliant
Non-Sufficient Funds occur when there isn’t enough money in your account to complete a payment. If this happens, we’ll simply reject the payment — and we won’t charge you a fee.
