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Mortgage Glossary U-Z
February 2, 2009
Matt Isleib
Underwater- your property is worth less than what you owe on your mortgage.
Underwriting- the investors review of the loan application for final approval or denial
Variable Interest rate- a rate that changes periodically based upon a certain index and the certain terms of the note
Verification of employment- a written or verbal verification from borrower’s employer
VA Loan- mortgage given to qualified veterans and backed by the government
Walk through- final inspection of home being purchased usually done with your realtor
Zoning- classification that the local government gives to a piece of property to determine residential or commercial etc.



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