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A federal agency, which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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A mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA).
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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See: Veterans Administration.
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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A mortgage guaranteed by the Department of Veterans Affairs (VA).
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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A form of mortgage insurance. Housing loans to veterans by banks, savings and loans, or other lenders are guaranteed by the U.S. Department of Veterans Affairs (formerly the Veterans Administration). This enables a veteran to buy a principal residence with little or no down payment.
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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A federal government agency that provides benefits to veterans and their dependents, including health care, educational assistance, financial assistance, and guaranteed home loans.
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
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Costs or payments that may vary from month to month, for example, gasoline or food.
- Browse Related Terms: "A" Loan or "A" Paper, "B" Loan or "B" Paper, "C" Loan or "C" Paper, Fixed Expenses, mortgage interest, Serious Delinquency, Sub-Prime Loan, Variable Expenses
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An amount of compensation to a lender rate that is allowed to vary over the maturity of a loan. The amount of variation is generally governed by an index.
- Browse Related Terms: Assumable loan, Intermediate Term Mortgage, Maturity Date, Modification, mortgage term, No Cash Out Refinance, Note Rate, Refinancing, Variable interest rate
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A long-term mortgage loan under which the interest rate may be adjusted periodically. Payment levels remain the same but the loan maturity is lengthened or shortened to accommodate the adjustment.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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Any mortgage repayment schedule that provides for periodic change in the amount of monthly payments. Changes may occur as a result of the expiration of an interest only period (flexible payment mortgage), a planned step-up in payments (graduated payment mortgage), or a change in the interest rate due to fluctuation in an index (variable or adjustable rate mortgage).
- Browse Related Terms: Alternative mortgage instrument (AMI), Buydown Account, closed-end mortgage, Fixed payment mortgage, fixed-rate mortgage, graduated payment mortgage (GPM), Graduated Payment Mortgages, Growing-Equity Mortgage (GEM), Low-Down-Payment Feature, Property Appreciation, Variable payment plan
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A long-term mortgage loan applied to residential properties under which the interest rate may be adjusted on a 6-month basis over the term of the loan. Rate increases are restricted to no more than 1/2 point per year and 2 1/2 points over the term.
See: adjustable rate mortgage.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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A special exemption of a zoning law to allow the property to be used in a manner different from an existing law.
- Browse Related Terms: amenities, Assessed Value, assessment, Assessor, Capital Improvements, Credit Related Expenses, Credit Related Losses, Demolition, Flood Certification Fee, Property tax, Special assessment, variance
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A point in time when you may withdraw funds from an investment account, such as a retirement account, without penalty.
- Browse Related Terms: Co-Signed Account, Escrow Account, Escrow Analysis, Impound account, Lease Purchase (Lease Option), Limited partnership, money-market account, PITI, PITIO, Principal, Interest, Taxes and Insurance (PITI), Principal, interest, taxes, and insurance payment (PITI), Rollover, Servicer, Servicing, Trust Account, Vested
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The federal agency responsible for the VA loan guaranty program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a funding fee of 1 percent of the loan amount.
- Browse Related Terms: application, Bridge Loan, construction loan, Down Payment, Homeownership Education Classes, Loan Fraud, Loan Officer, Loan Origination, Loss Mitigation, Mortgage banker/Mortgage company, mortgage broker, mortgage lender, Mortgage Qualifying Ratio, Pre-Qualify, Repointing, Third Party Origination, Veterans' Administration (VA)
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A carved spiral form in classical architecture; often used in pairs as in the capitals of Ionic columns.
- Browse Related Terms: Architrave, Capital, Colonnade, Colonnette, column, Doric, Entablature, Foliate, Ionic, Pilaster, Plinth, Shaft, Trefoil, Volute
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A wedge-shaped component of an arch.
- Browse Related Terms: English bond, Flemish bond, Keystone, Lunette, Round arch, Segmental arch, Soffit, Voussoir