Category Archives: Mortgage Glossary

Voluntary Claim: When the owner of a property contends that a legal claim for payment can be placed against the property. Read more to view related video clips

Lien: The legal right to ownership of a property or part ownership of a property. In the case of a mortgage loan on your home, the lender has the legal right to the amount of money your home is worth … Continue reading →

Veterans Administration: The government agency that offers benefits to Military Veterans and in the case of home loans, offers a guarantee that a portion of the loan will be repaid if the borrower defaults. Read more to view related video … Continue reading →

Lender Appraisal Processing Program: A program through which the Department of Veterans Affairs allows VA-approved lenders to conduct their own value appraisals on a property. The VA may also require one of its own appraisers to appraise the property as … Continue reading →

Verification of Employment: This is when a mortgage lender contacts the potential borrower’s place of employment in order to verify the information on the loan application. Read more to view related video clips

Lender: The company that loans you the money to purchase a home. Read more to view related video clips

Verification of Deposit: This is a financial document that the borrower gives to the lender which verifies the amount of money the borrower has in reserve in the bank. Sometimes lenders want to see a certain amount of money in … Continue reading →

Lease-Purchase Mortgage Loan: A way for low income families to purchase a home by first leasing the home and then purchasing it. This option, offered by Fannie Mae, allows families to lease the property from the not for profit organization … Continue reading →

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 … Continue reading →

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 … Continue reading →