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- U-
| Underwriting |
The process of evaluating a loan application to determine the risk involved for the lender.
Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself. |
| Unsecured Loan |
A loan that is not backed by collateral. | |
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- V-
| VA Mortgage |
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government
mortgage. |
| Vested |
Having the right to use a portion of a fund such as an individual retirement fund. For example,
individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However,
taxes may be due on any funds that are actually withdrawn. |
| Department Of Veterans Affairs (VA) |
An agency of the federal government that guarantees residential mortgages made to eligible veterans
of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to
veterans. | |
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- W-
| What-If Analysis |
An affordability analysis that is based on a what-if scenario. A what-if analysis is useful
if you do not have complete data or if you want to explore the effect of various changes to your income, liabilities, or available
funds or to the qualifying ratios or down payment expenses that are used in the analysis. |
| What-If Scenario |
A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario
can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that
are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.
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| Wraparound Mortgage |
A mortgage that includes the remaining balance on an existing first mortgage plus an additional
amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards
the payments on the first mortgage to the first mortgagee. | |
- X- Y - Z-
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There are no entries for these letters | |
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