VA Home Loan Program loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage
Late Charge or Late Fee loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: loan, mortgage, payment
VA Form 26-1880 loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: loan, mortgage
Joint Tenancy loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: loan, mortgage
VA Eligibility Center loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: lender, loan, mortgage
IRRRL- Interest Rate Reduction Refinancing Loan loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: loan, mortgage, refinance, refinancing
Variable Rate Mortgage loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: loan, mortgage, real estate
Interest Rate Cap or Interest Rate Ceiling loans mortgage terminology definition
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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Categories: Mortgage Glossary Tags: lender, loan, mortgage
Variable Rate loans mortgage terminology definition
Variable Rate: Also called an adjustable rate, this is an interest rate that changes. The changes in interest rates usually occur with fluctuation in the current market.
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Categories: Mortgage Glossary Tags: loan, mortgage, rates
Interest Only Loan loans mortgage terminology definition
Interest Only Loan: A mortgage loan that allows the borrower to pay only the interest on the mortgage for a set amount of time before they start paying towards the principal. People use this type of mortgage when they expect an increase in income in the f
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Categories: Mortgage Glossary Tags: borrow, loan, mortgage