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.