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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
VA (DEPARTMENT OF VETERANS AFFAIRS) MORTGAGE - government insured loans
guaranteed by the Department of Veterans Affairs, requiring very low or no down
payments and with generous requirements for qualification. They are available
only to veterans of the armed services, those currently on active duty or in
the reserves, and their spouses.
VACANCY RATE - the ratio between the number of vacant units and the total
number of units in a multi-tenant building or development. Often the vacancy
rate can affect whether the property is considered “warrantable” or not. AAXA
works with a number of investors that offer
low mortgage rate solutions for both warrantable and non-warrantable
properties.
VA FUNDING FEE - a fee the VA charges to guarantee a residential real estate
mortgage loan
VA LOAN - mortgage loan made by an approved lender and guaranteed by the
Department of Veterans Affairs. VA loans are made to eligible veterans and
those currently serving in the military and may have a lower down payment than
other type loans. However, today, there are many 97%-100%
mortgage loan financing alternatives without having to go through VA or
FHA sources.
VALUATION - the estimation of a property's price through appraisal.
VERIFICATION OF DEPOSIT (VOD) - a form that requests and secures verifications
of amount on deposit at financial institutions.
VERIFICATION OF EMPLOYMENT (VOE) - a form that requests and secures
documentation of a mortgage applicant's work history and/or occupation, to
assist in the lender's credit investigation.
VESTED INTEREST - a legal claim or right to the present or future enjoyment of
real property.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
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