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Underwriting |
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The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount. |
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Up-Front Costs |
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The total amount of cash you need to pay when you buy a home, minus the amount of your loan. Up front costs include your down payment, any closing fees you must pay—like broker's commissions or insurance charges—and the discount points you can use to lower your overall interest rate. |
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Usury |
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Charging more than the maximum legally permitted rate of interest. |
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VA Loan |
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A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements. |
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VA Mortgage Funding Fee |
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A premium of up to 1-7/8 percent (depending on the size of the down payment) paid on a VA-backed loan. On a $75,000 fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed. |
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Valuation |
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Estimation of value or price through appraisal. |
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Verification Of Deposit (VOD) |
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A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts.
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Verification Of Employment (VOE) |
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- A document signed by the borrower's employer verifying his/her position and salary.
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Verification Of Rent (VOR) |
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A document signed by the borrower's landlord/management of when they reside verifying the status of his/her monthly obligations . (Rent) |
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Vested Interest |
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- A fixed right to the enjoyment of real estate by a specified person, subject to termination of a previous estate.
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