Variable Rate: Also known as an adjustable rate, this is an interest rate that can change over time. Usually variable or adjustable interest rates can only change a specified amount within a certain amount of time. Variable rates also usually have a cap t
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Lease-Purchase Agreement: A way to purchase a home by renting the home for a set amount of time before purchasing. This is also called rent-to-own and is extremely useful to people who need time to repair their credit or want to wait for lower interest ra
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VA Home Loan Program: This program is a benefit to Veterans that allows them to take a home loan mortgage with a guarantee from the VA. The VA guarantees that a certain percentage of the loan will be paid back to the lender even in the case of borrower de
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Late Charge or Late Fee: An extra amount of money you have to pay when you are late making your mortgage payment. This also may be called a penalty fee or penalty payment.
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VA Form 26-1880: The request for Certificate of Eligibility form. Veterans must complete this form in order to be eligible for many VA Benefits including the VA Home Loan Guarantee Program. You can find a copy of VA Form 26-1880 by going to http://www.vba
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Joint Tenancy: When more than one person lives in a home and they both have equal rights to ownership of the property. Usually this occurs in the case of marriage or co-ownership and each of the entitled property owners has the right of survivorship.
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VA Eligibility Center: Where Veterans submit their requests for a Certificate of Eligibility. Once a VA Form 26-1880 and a Form DD 214 have been completed, a Veteran can either contact a VA-approved lender and submit this information electronically throug
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IRRRL- Interest Rate Reduction Refinancing Loan: This is a VA Mortgage Loan that takes mortgages in the VA Home Loan Guarantee Program and allows the owner to refinance the loan for a lower interest rate. The loan can either be an adjustable rate mortgage
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Variable Rate Mortgage: This is like a variable interest rate mortgage because the interest rate changes based on the current market standards in real estate.
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Interest Rate Cap or Interest Rate Ceiling: The highest amount of interest that can be charged according to a legal agreement. With adjustable rate mortgages, there is an interest rate cap that allows the mortgage lender to raise the interest rate to a ce
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