Mortgage Glossary

Voluntary Claim loans mortgage terminology definition

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

Read more…

Lien loans mortgage terminology definition

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 up to what you still owe as your principal balance. Any

Read more to view related video clips

Read more…

Veterans Administration loans mortgage terminology definition

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 clips

Read more…

Lender Appraisal Processing Program loans mortgage terminology definition

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 w

Read more to view related video clips

Read more…

Verification of Employment loans mortgage terminology definition

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

Read more…

Lender loans mortgage terminology definition

Lender: The company that loans you the money to purchase a home.

Read more to view related video clips

Read more…

Verification of Deposit loans mortgage terminology definition

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 reserves in order to approve

Read more to view related video clips

Read more…

Lease-Purchase Mortgage Loan loans mortgage terminology definition

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 with the opport

Read more to view related video clips

Read more…

Variable Rate loans mortgage terminology definition

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

Read more to view related video clips

Read more…

Lease-Purchase Agreement loans mortgage terminology definition

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

Read more to view related video clips

Read more…