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Real Estate Glossary
Real Estate Glossary – U
U.S. Department. of Housing and Urban Development (HUD) – The federal agency overseeing the Federal Housing Administration and various other housing and community development programs.
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 [...]
Real Estate Glossary – V
VA Mortgage – A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage. Valuation – The estimated worth or price of something. An appraisal is an act of valuation.
Variable Interest Rate – The amount of interest charged by the lender, that is allowed to vary [...]
Real Estate Glossary – W
Waiver – The voluntary surrender or renunciation of a claim, right or privilege.
Warehouse Fee – A closing-cost fee showing the lender’s cost of holding a borrower’s loan before they sell it on the secondary mortgage market.
Warranty Deed – A deed that has a covenant that; the grantor will protect the grantee against [...]
Real Estate Glossary – Z
Zero Lot Line -Â A cluster housing development in which individual houses are placed on separately platted lots, but the lots are attached to each other.
Zoning – The legal mechanism for local governments to regulate the use of privately owned real estate to prevent conflicting land uses(ex: houses next to skyscraper) and promote [...]