Voluntary Claim: When the owner of a property contends that a legal claim for payment can be placed against the property.
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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
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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.
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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
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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.
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Lender loans mortgage terminology definition
Lender: The company that loans you the money to purchase a home.
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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
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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
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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
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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
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