Mortgage Glossary – Mortgage Term Definitions
These are terms commonly used in the mortgage industry. Click on any link and the page will spin to the definition.
Abstract of title
Acceleration clause
Acre
Adjustable Rate Mortgage (ARM)
Alternative Mortgage products
Amortization schedule
Amortization term
Annual Percentage Rate (APR)
Appraisal
Appraised value
Appraiser
Appreciation
ARM
Assessed value
Assumable mortgageBalloon mortgage
Basis points
Binder
Biweekly mortgage
Bridge loan
Broker
Broker premium
Built-ins
BuydownCaps
Certificate of title
Chattel
Clear title
Closing
Closing costs
Closing statement
Cloud on title
Commission
Commitment letter
Common area assessment
Comparables or “comps”
Condominium
Conforming loan
Contiguous
Contingency
Contract
Conventional mortgage
Convertible ARM
Cooperative, or co-op
Cost-of-funds index, or COFI
Covenant
Credit reportDebt-to-income ratio
Deed
Depreciation
Discount points
Down payment
Earnest money deposit
Easement
80-10-10 loan
Encumbrance
Equal Credit Opportunity Act
Eminent domain
Equity
Escrow payment
Fair Credit Reporting Act
Fair market value
Fannie Mae
Federal Housing Administration (FHA)
FHA mortgage
First mortgage
Fixed-rate mortgage
Flood insurance
Foreclosure
Freddie Mac
Ginnie Mae
Good Faith Estimate
Government National Mortgage Association (GNMA)Hazard insurance
Home inspection
Homeowners association
Homeowner’s insurance
Housing expense ratio
HUD-1 statement
Hybrid mortgage
Index
Indexed rate
Interest tax deduction
Lease-purchase mortgage
Lien
Lifetime rate cap
Lis pendens
Livery of seizin
Loan origination
Loan-to-value (LTV) ratio
Lock or lock-in
Lock-and-float
Low-down mortgages
Margin
Maturity
Mortgage
Mortgage banker
Mortgage broker
Mortgage insurance
Origination fee
Owner financing
Periodic rate cap
PITI
PITI reserves
Planned Unit Development (PUD)
Plat
PMI
Points
Pre-approval
Pre-payment penalty
Pre-payment plan
Pre-qualification
Private mortgage insurance(PMI)Radon
Rate lock
Real estate agent
Real Estate Settlement Procedures Act (RESPA)
Realtor®
Refinancing
Reliction
Restrictive covenant
Roll-in loans
Rural Housing Service (RHS)
Sale agreement
Second mortgage
Secondary mortgage market
Servicer
Settlement
Subprime mortgage
Title
Title binder
Title company
Title insurance
Title search
Transfer tax
Treasury index
Truth-in-Lending
Two-step mortgage
A
A written history of all the transactions that bear on the title to a specific piece of land. An abstract of
title covers the time from when the property was first sold to the present. Used by the title company to produce a title binder .
title covers the time from when the property was first sold to the present. Used by the title company to produce a title binder .
The section of a mortgage document that allows the lender to speed up the payment date in the event of a default, making the entire principal amount due.
Mortgage in which the rate of interest is adjusted based on a standard rate index. Most ARMs have caps
on how much the interest rate may increase.
7/23 and 5/25
mortgages with a one-time rate adjustment after seven years and five years, respectively.
Also known as a hybrid mortgage or two-step mortgage.
mortgages with a one-time rate adjustment after seven years and five years, respectively.
Also known as a hybrid mortgage or two-step mortgage.
A timetable for the gradual repayment of a mortgage loan. An amortization schedule indicates the amount of each
payment applied to interest and principal, and also the remaining balance after each payment is made.
payment applied to interest and principal, and also the remaining balance after each payment is made.
The amount of time required to amortize (repay) a mortgage loan. The amortization term is usually expressed in months. A 30-year fixed-rate mortgage
, for example, has an amortization term of 360 months.
A standardized method of calculating the cost of a mortgage, stated as a yearly rate which includes such items as interest, mortgage insurance, and certain points
or credit costs.
A written report by a qualified appraiser
estimating the value of a property.
An opinion of a property’s fair market value
, based on an appraiser’s
inspection and analysis of the property.
A person qualified by education, training and experience to estimate the value of real property.
An increase in the value of a property due to changes in market conditions or improvements to the property.
See Adjustable rate mortgage
.
The value of a property as determined by a public tax assessor for the purpose of taxation.
A mortgage that a buyer can assume, or take over, from the seller of the property.
B
A loan that has regular monthly payments which amortize over a stated term but call for a final lump sum (balloon payment) at the end of a specified term, or maturity date, such as 10 years.
1/100th of 1 percent. If an interest rate changes 50 basis points, for example, it has moved 1/2 of 1 percent.
See title binder
.
A mortgage that schedules payments every two weeks instead of the standard monthly payment. The 26 biweekly payments are each equal to one-half of the monthly payment. The result for the borrower is a substantial
reduction in interest payments because the mortgage is paid off sooner. See also pre-payment plan .
reduction in interest payments because the mortgage is paid off sooner. See also pre-payment plan .
A loan that “bridges” the gap between the purchase of a new home and the sale of the borrower’s current home. The borrower’s current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home’s first mortgage
at the bridge loan’s closing, while others pile the new debt on top of the old. They usually run for a term of six months.
See mortgage broker
.
Premium paid to mortgage broker as the “middleman” in the mortgage process between the lender and the borrower.
Lenders offer brokers wholesale rates; brokers add a surcharge to cover the cost of underwriting to arrive at the rates charged to borrowers. See underwriter .
Lenders offer brokers wholesale rates; brokers add a surcharge to cover the cost of underwriting to arrive at the rates charged to borrowers. See underwriter .
Cabinets, ranges, ceiling fans and other items permanently attached to a structure, and which a buyer may assume will remain with the structure.
The process of trading money for a lower mortgage rate. The borrower “buys down” the interest rate on a mortgage by paying discount points
up front. It can also be a mortgage in which an initial lump-sum payment is made to temporarily reduce a borrower’s monthly payments during the first few years of a mortgage.
C
The maximum amount the interest rate can change annually or cumulatively over the life of an adjustable-rate mortgage
. For example, if the caps are 2 percent annual and 6 percent life of loan, a mortgage with a
first-year rate of 10 percent could rise to no more than 12 percent the second year, and no more than 16 percent over the entire loan term.
first-year rate of 10 percent could rise to no more than 12 percent the second year, and no more than 16 percent over the entire loan term.
A statement provided by a title company
or attorney stating that the title
to the real estate is legally held by the current owner.
A title
that is free of liens or legal questions as to ownership of a piece of property.
The meeting at which the sale of a property is finalized. The buyer signs the lender agreement for the mortgage and pays closing costs
and escrow
amounts. The buyer and seller sign documents to transfer ownership of the property. Also known as the settlement.
Expenses incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee
, an attorney’s fee, taxes, escrow payments
, and charges for title insurance
. Lenders or Realtors®
provide estimates of closing costs to prospective home buyers.
A financial disclosure accounting for all funds changing hands at the closing
.
See also HUD-1 statem
ent
.
Any fact or condition that could adversely affect the title
.
In real estate, the broker or salesperson’s fee for assisting the transaction, usually expressed as a percentage of the
total paid by the buyer.
total paid by the buyer.
A formal offer by a lender stating the approved terms for lending money to a home buyer.
A levy against individual unit owners in a condominium
or planned unit development
to pay for upkeep, repairs and improvements to the property’s common areas, such as corridors, elevators, parking lots, swimming pools and
tennis courts.
tennis courts.
Refers to “comparable properties,” which are used for comparative purposes in the appraisal
process.
Comps are recently sold properties that are similar in size, location and amenities to the home for sale. Comps help an appraiser determine the fair market value of a property.
Comps are recently sold properties that are similar in size, location and amenities to the home for sale. Comps help an appraiser determine the fair market value of a property.
A real estate project in which each unit owner has title
to a unit of the project, and sometimes an undivided interest in the common areas.
A loan that conforms to the standard rules for purchase by Freddie Mac
or Fannie Mae
.
A condition that must be met before a contract
is legally binding. For example, home buyers often include a contingency that specifies that the contract is not binding until after a satisfactory report from a qualified home inspector. See home inspection
.
In real estate parlance, the contract is the legal document by which buyer and seller make offers and counter-offers.
The real estate contract describes the property, includes or excludes items in the property, names the price, apportions the closing costs between the parties and sets forth a closing date. When buyer and seller agree
on terms and sign the same document, the property is said to be “under contract.” More formally known as agreement for sale, purchase agreement or earnest money contract.
The real estate contract describes the property, includes or excludes items in the property, names the price, apportions the closing costs between the parties and sets forth a closing date. When buyer and seller agree
on terms and sign the same document, the property is said to be “under contract.” More formally known as agreement for sale, purchase agreement or earnest money contract.
Usually refers to a fixed-rate, 30-year mortgage that is not insured by the FHA
, Farmers Home
Administration (Amah) or Veterans Administration .
Administration (Amah) or Veterans Administration .
An adjustable rate mortgage (ARM)
that can be converted to a fixed-rate mortgage
under specified conditions.
A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative
corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
A yield index based upon the cost of funds to savings & loan institutions in the San Francisco Federal Home Loan Bank District. It is one of the indexes commonly used to set the rate of adjustable rate mortgages
.
A written restriction on the use of land, most commonly in use today in homeowners associations
.
A report on a person’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s record for paying debts in a timely manner.
D
The percentage of a person’s monthly earnings used to pay off all debt obligations. Lenders consider two ratios, constructed in slightly different ways. The first, called the front-end ratio, the ratio of the monthly housing expenses – including principal, interest property taxes and insurance ( PITY
) is compared to the borrower’s gross, pretax monthly income. In the back-end ratio, a borrower’s other debts, such as auto loans and credit cards, are also figured in. Lenders usually take both into account and set an acceptable ratio, which might be expressed as 33/39. Some lenders, and some lending qualifying agencies such as FHA
, take only the back-end ratio into account.
The legal document conveying title
to a property.
A type of point
(1 percent of a loan) paid by the borrower to reduce the interest rate.
The amount of a property’s purchase price that the buyer pays in cash and does not finance with a mortgage.
E
A deposit made by potential home buyers during negotiations with the seller. The sum shows a seller that a buyer is serious about purchasing the property.
A combination of an 80 percent loan-to-value first mortgage
, a 10 percent down payment
and a 10 percent home equity
loan. It would eliminate the need for private mortgage insurance
, and for expensive homes it could eliminate the need for a jumbo mortgage
by reducing the first mortgage to the conventional $453,100 limit.
A lien
, charge or liability against a property.
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.
The value of a homeowner’s unencumbered interest in real estate. Equity is the difference between the home’s fair market value
and the unpaid balance of the mortgage and any outstanding liens
. Equity increases as the mortgage is paid down or as the property enjoys appreciation
.
The portion of a homeowner’s monthly mortgage payment that is held by the loan servicer
to pay for taxes and insurance. Also known as reserves. The loan servicer holds the escrow funds separately from money meant to pay off principal and interest.
F
A consumer protection law that regulates the disclosure of consumer credit reports
by credit reporting agencies and establishes procedures for correcting mistakes on a person’s credit record.
A fair price for a home based on recent sales of properties of similar size and quality in the neighborhood.
Nickname for Federal National Mortgage Association. It is a government-chartered non-bank financial services company and the nation’s largest source of financing for home mortgages. It was started to make sure mortgage money is available in all areas of the country.
An agency of the U.S. Department
of Housing and Urban Development (HUD) that insures residential mortgage loans made by
private lenders. The FHA sets standards for construction and underwriting but does not lend money.
of Housing and Urban Development (HUD) that insures residential mortgage loans made by
private lenders. The FHA sets standards for construction and underwriting but does not lend money.
A mortgage that is the primary lien
against a property.
A mortgage in which the interest rate does not change during the entire term of the loan, most often 15 years or 30 years.
that compensates for physical property damage resulting from rising water. It is required for properties
located in federally designated flood areas.
located in federally designated flood areas.
The legal process by which a homeowner in default on a mortgage is deprived of interest in the property. This usually
involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Nickname for Federal Home Loan Mortgage Corp. A financial corporation chartered by the federal government to buy pools of mortgages from lenders and sell securities backed by these mortgages.
G
Nickname for the Government National Mortgage Association (GNOME)
.
A written estimate of closing costs that a lender must provide a prospective home buyer within three days of submitting a mortgage loan application. The best approach is to request this list before choosing a loan.
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress in 1968, GNOME has responsibility for the special assistance loan program known as Ginny Mae
.
H
coverage that compensates for physical damage to a property from natural disasters such as fire or other
hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.
hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.
An inspection by a building professional that evaluates the structural and mechanical condition of a property. The
inspection may reveal the need for repairs that the seller may have to complete before the sale of the house will go through. The buyer may also make the house sale contingent on a satisfactory inspection.
inspection may reveal the need for repairs that the seller may have to complete before the sale of the house will go through. The buyer may also make the house sale contingent on a satisfactory inspection.
A nonprofit association that manages the common areas of a condominium
or planned unit development (POD
).
Unit owners pay to the association a fee to maintain areas owned jointly. See common area assessment .
Unit owners pay to the association a fee to maintain areas owned jointly. See common area assessment .
An insurance policy that combines personal liability insurance and hazard insurance
coverage for a residence and its contents.
The percentage of gross monthly income that goes toward paying a mortgage or rent on a home.
A document with an itemized listing of closing costs
payable at the closing
or settlement meeting when buying property. The closing costs can include a commission
, loan fees and points
, and sums set aside for escrow payments
, taxes and insurance. It is signed by both the buyer and the seller, who may be paying some of the closing costs
. The statement form is published by the Department of Housing and Urban Development (HUD).
I
A published measure of the cost of money that lenders use to calculate the rate on an adjustable rate mortgage (ARM)
. The most common indexes are the one-year Treasury Constant Maturity Yield and the FLAB 11th District Cost of Funds.
The sum of the published index plus the margin. For example, if the index were 9 percent and the margin 2.75 percent, the indexed rate would be 11.75 percent. Often, lenders charge less than the indexed rate the
first year of an adjustable ratemortgage (ARM) .
first year of an adjustable ratemortgage (ARM) .
Most mortgage holders can deduct all the interest paid on the loan in filing income tax. The deduction applies to people with just one mortgage on a primary residence, as well as those with a combination of loans. Within certain limits set by the IRS, points
paid up front on a mortgage are usually deductible in the year the house was purchased.
J
larger than the limits set by Fannie Mae and Freddie Mac ($453,100 this year). A jumbo mortgage will carry a
higher interest rate than a conventional mortgage .
higher interest rate than a conventional mortgage .
L
A financing option that allows a potential home buyer to lease a property with the option to buy. Often constructed so the monthly rent payment covers the owner’s first mortgage
payment, plus an additional amount as a savings deposit to accumulate cash for a down payment. A seller may agree to a lease-purchase option if the housing market is saturated and the seller is having difficult selling the property.
A legal hold or claim from one person on the property of another. The lien placed by a first mortgage
is special; it is called the first lien and takes precedence over others.
In an adjustable rate mortgage (ARM)
, it limits the amount that the interest rate can increase or decrease over the life of the loan. See also caps
.
A pending lawsuit; in real estate, the constructive notice filed in public records that a legal dispute exists over a piece of property.
The process by which a mortgage lender obtains a mortgage secured by real property. An origination fee
is charged by the lender to process all the forms involved in obtaining a mortgage.
The ratio of the mortgage loan amount to the property’s appraised value
or selling price, whichever is less. For example, if a home is sold for $100,000 and the mortgage amount is $80,000, the house has an 80 percent LTV.
Lender’s guarantee that the mortgage rate quoted will be good for a specific amount of time. The home buyer usually
wants the lock to stay in effect until the date of the closing .
wants the lock to stay in effect until the date of the closing .
Rate programs offered by companies that allow borrowers to lock in the current interest rate on a mortgage for a specified period of time, while also letting them “float” the rate down if market conditions improve before closing.
with a low down payment
, usually less than 10 percent. Fannie Mae
and Freddie Mac
design loan programs that spell out a set of standards for lenders. In recent years these government-chartered agencies have made
low-down mortgages more available through programs such as Fannie Mae’s Flexible 97 and Freddie Mac’s Alt 97. The “97” refers to the amount of the home’s value a lender will cover in a mortgage, leaving a low 3 percent down payment required.
low-down mortgages more available through programs such as Fannie Mae’s Flexible 97 and Freddie Mac’s Alt 97. The “97” refers to the amount of the home’s value a lender will cover in a mortgage, leaving a low 3 percent down payment required.
M
The number of percentage points added to the index
on a one-year adjustable rate mortgage (ARM)
. For example, if the index rate is 9 percent and the margin is 3 percent, then the fully indexed rate is 12 percent.
The lender that originates the mortgage loan; the one making the loan directly and closing the loan.
An individual or company that brings borrowers and lenders together for the purpose of loan origination
. Unlike a mortgage banker
, brokers do not fund the loan but work on behalf of several lenders. Brokers typically require a fee or a commission
for their services. See broker premium
.
A policy that insures the lender against loss should the homeowner default on a mortgage. Depending on the loan, the insurance can be issued by a government agency such as the Federal Housing Administration
(FHA) or a private company. It is part of the monthly mortgage payment. See also private mortgage insurance (PHI) .
(FHA) or a private company. It is part of the monthly mortgage payment. See also private mortgage insurance (PHI) .
N
A gradual increase in mortgage debt that happens when the monthly payment does not cover the entire principal and
interest due. The shortfall is added to the remaining balance to create “negative” amortization.
interest due. The shortfall is added to the remaining balance to create “negative” amortization.
The document giving evidence of mortgage indebtedness, including the amount and terms of repayment.
O
A transaction in which the seller of a house provides all or part of the financing. Sellers may provide financing because they need to sell the property right away or they are having difficulty selling the house and want to provide financing as an incentive to a buyer.
P
In an adjustable-rate mortgage (ARM)
, it limits how much an interest rate can increase or decrease during any one adjustment period. See caps
.
Stands for principal, interest, taxes, and insurance, which are the usual components of a monthly mortgage payment.
A cash amount that a home buyer must have on hand after making a down payment
and paying all closing costs
. The reserves required by the lender must equal the amount a home buyer would pay for PITI for a specified number
of months.
of months.
A type of real estate project that gives each unit owner title to a residential lot and building and a nonexclusive easement
allowing access to the project’s common areas. See common area assessment
.
A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of
streets and easements .
streets and easements .
A point equals 1 percent of a mortgage loan. Lenders charge points as a way to make a profit. Borrowers may pay discount points
to reduce the loan interest rate. Buyers are prohibited from paying points on HUD or VA guaranteed loans. On a conventional mortgage
, points may be paid by either buyer or seller or split between them. Within limits, points are usually tax deductible. Also see interest tax deduction
.
This process goes a step further than pre-qualification
. It means the lender has contacted the borrower’s employer, bank and other places to verify all claims of earnings and assets. In return, the borrower receives a letter stating the lender is willing to grant a mortgage for a specified amount, within a limited period of time.
A fee imposed by certain lenders if the first mortgage
is paid off early.
Similar to a biweekly mortgage
, but operated by a third party. In it, the borrower pays to the third party half the monthly mortgage payment every two weeks. At the end of the year, the plan operators typically take the extra money that results from the process and send lump sum payments to the participants’ lenders. Instead
of 12 monthly payments of $665, or $7,980 a year, on the 30-year mortgage, the borrower would make 26 biweekly payments of $332.50, or pay $8,645 annually. As a result, total interest would shrink by $34,130 and the loan term would shorten to less than 24 years.
of 12 monthly payments of $665, or $7,980 a year, on the 30-year mortgage, the borrower would make 26 biweekly payments of $332.50, or pay $8,645 annually. As a result, total interest would shrink by $34,130 and the loan term would shorten to less than 24 years.
An early evaluation by a lender of a potential home buyer’s credit report
plus earnings, savings and debt information. The home buyer gets a nonbonding estimate of the mortgage amount the borrower would qualify for, or how much house the borrower can afford. Buyers who pre-qualify can go a step further and seek pre-approval
.
Insurance that protects mortgage lenders against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure
. PMI is usually required if the down payment is less than 20 percent of the sale price. Home buyers pay for the coverage in monthly installments. PMI is usually terminated when the home buyer has built
up 20 percent equity in the property.
up 20 percent equity in the property.
Q
The formal document by which a claim in property is denied. Often used to clear a cloud on title
.
R
A radioactive gas found in some homes that in sufficient concentrations can cause health problems. Many home inspections
check for radon.
A commitment issued by a lender to a home buyer or to the mortgage broker
guaranteeing a specific interest rate for a specified amount of time. See also lock
.
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
A consumer protection law that requires lenders to give home buyers advance notice of closing costs
, which are payable at the closing
or settlement meeting.
A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with
the National Association of Realtors.
the National Association of Realtors.
Securing a new loan in order to pay off the existing mortgage or to gain access to the existing equity
in the home.
A clause in a deed
that restricts the use of property for a period of time.
A refinance loan that rolls any closing costs
or fees into the loan. These programs best serve people who have a reasonable amount of equity
, want to reduce their overall interest expense and plan to stay in their homes. Most
refinance programs also cap the allowable LTV at 97 percent, which means some borrowers won’t have the option of rolling their costs in no matter what.
refinance programs also cap the allowable LTV at 97 percent, which means some borrowers won’t have the option of rolling their costs in no matter what.
This agency of the U.S. Department of Agriculture provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. It offers low-interest-rate loans with no down payment to borrowers with low-to-moderate incomes who live in rural areas or small towns.
S
A written contract signed by the buyer and the seller of a house stating the terms and conditions under which the property will be sold.
A mortgage on property that has a lien
position behind the first mortgage
.
An organization that collects monthly mortgage principal and interest payments from home owners and manages escrow
accounts for paying taxes and homeowners’ insurance premiums. The servicer often services
mortgages that have been purchased by an investor in the secondary mortgage market .
mortgages that have been purchased by an investor in the secondary mortgage market .
See closing
.
A mortgage granted to a borrower considered sub prime, that is, a person with a less-than-perfect credit report
. Sub prime borrowers have either missed payments on a debt or have been late with payments. Lenders charge a higher interest rate to compensate for potential losses from customers who may run into trouble or default.
T
A legal document proving a person’s right to claim entitlement to a property, including
the history of the property’s ownership.
the history of the property’s ownership.
Written evidence of temporary title insurance
coverage.
that protects against loss from disputes over ownership of a property. A policy may protect the mortgage lender
and/or the home buyer.
and/or the home buyer.
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens
or other claims against the property.
An index used to determine interest rate changes for certain adjustable rate mortgages (Arms)
. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury’s daily yield curve, which is based on the closing market bid yields on actively traded Treasury
securities in the over-the-counter market.
securities in the over-the-counter market.
A federal law that requires lenders to disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR)
and other charges.
U
A company or person undertaking the responsibility for issuing a mortgage. Underwriters analyze a borrower’s
credit-worthiness and set the loan amount.
credit-worthiness and set the loan amount.
V
A loan backed by the Veterans Administration. It requires very low or no down payments
and has less stringent requirements for qualification. Members of the U.S. armed forces are eligible for the loans under certain qualifying conditions. Contact the local VA office for information.
W
The gold standard in deeds
for home buyers: It proclaims that the grantor warranties (guarantees) that the property has clear title
and is being conveyed free of liens
or encumbrances
.
