2/19/2018

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 Mortage Definitions

Definitions (A)
Definitions (B)
Definitions (C)
Definitions (D)
Definitions (E)
Definitions (F)
Definitions (G)
Definitions (H)
Definitions (I)
Definitions (J & K)
Definitions (L)
Definitions (M)
Definitions (N)
Definitions (O)
Definitions (P & Q)
Definitions (R)
Definitions (S)
Definitions (T)
Definitions (U & V)
Definitions (W)
Definitions (X,Y & Z)
Mortgage Definitions

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Mortgage Definitions and Terms (U,V)

Underwriter: The individual or company that takes on the responsibility of reviewing a borrowers loan application and making the final decision as to whether or not there is sufficient cause to make an approval to grant the loan. Today, many loans are underwritten using computer technology.

Unimproved Land: Land that is in it's natural state with no buildings or other improvements.

Unsecured Loan: A debt that has no type of security or collateral in case of default with only a promise to repay.

Usury: When an interest rate is illegally charged over the maximum rate of interest that is permitted on specific types of loans, it called usury.

VA Allowable's: Only those fees that veterans are allowed to pay when purchasing a property using with a VA insured mortgage. Those fees include charges for the appraisal, credit report, loan origination fee, title fees, and points.

Valuable Consideration: Having enough value to support a contract.

Value: In the real estate market, value is the worth of property in monetary terms.

Variable Interest Rate: An interest rate that increases or decreases due to certain economic indicators with set maximum and minimum times and amounts that the rate can rise or fall.

VA Loans (Veteran's Administration Loans): Loans that are insured by the Veteran's Administration (VA) which enables veterans of certain war periods to purchase homes with little or no down payment. There is a limit to the loan amount and the veteran must use the property as his or her principal place of residence.

VA Non-Allowable's: Those fees that veterans are allowed to pay when applying for a VA insured mortgage when purchasing a property. Non-allowable fees include processing, administrative, and underwriting fees.

VA No-No: A specific type of VA insured loan that allows a veteran to purchase a home with no money down and to pay no closing costs. The closing costs in this type of transaction are paid by the seller.

Verification Of Deposit (VOD): A document that is mailed to the borrower's bank, or other institutions in which the borrower has an account, that asks the institution if the account exist, how much is in the account, and what the average balance was for the prior two months.

Voluntary Lien: A lien that has been voluntarily granted to a lender by a borrower, such as a mortgage or deed of trust.

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