Mortgage Glossary
Definitions and explainations of mortgage terminology.
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Mortgage Glossary
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Title Insurance - The title insurance premium is a non-recurring closing cost. Title insurance protects lenders and homeowners from financial loss due to legal disputes over the ownership, or title of the property.
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Mortgage Glossary
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Underwriting - The process of analyzing a loan application to determine the amount of risk for the lender making the loan. Underwriting involves evaluating the borrower’s creditworthiness and the property itself and then selecting the appropriate loan term and interest rate. |
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Mortgage Glossary
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VA Loan - A loan backed by the U.S. Department of Veterans Affairs (VA). VA loans are made to honorably discharged veterans or their un-remarried widows or widowers. These loans require low or no down payment and offer low interest rates. |
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Mortgage Glossary
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Variable Rate - In a variable interest loan, the interest rate changes periodically in relation to an index. For example, the interest rate might be linked to the cost of US Treasury Bills and be updated monthly, quarterly, semi-annually, or annually. A Mortgage of this type are more commonly known as an Adjustable Rate Mortgage (ARM).
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Mortgage Glossary
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The Verification of Deposit (VOD) is a form used by your lender or broker to verify bank deposits and other financial assets you list on your loan application. Some loan programs allow you to skip asset verification in exchange for a fee or higher interest rate.
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Mortgage Glossary 
