What is a VA Loan? - Definition
VA (Veterans Administration) Loan – A loan program overseen by the US Department of Veterans Affairs,
that assists veterans with loans for both purchase
and refinance transactions. This benefit for

What is a Adjustable Rate Mortgage (ARM)? - Definition
A ARM (Adjustable Rate Mortgage)is a mortgage that has payments that can adjust according to preset terms. The periodic changes to the interest rate are generally based on changes to the index on which the

What is Amortization Type? - Definition
Amortization Type is the basis for how a loan will
be repaid. It usually eludes to things that would influence and change repayment terms during the life

What is a Title Report? - Definition
A Title Report is a legal document that includes a history of ownership of the property (deed), records of any liens and encumbrances, as well as any tax

What is Amortization? - Definition
Amortization is the repayment of a loan’s
principle and interest according to an agreed
schedule. The amortization can be determined by the
length of the term and whether or not the loan is a

What are Units? - Definition
Units – The number of separate living spaces that
Are able be occupied by an individual or family. An individual unit typically has its own separate entrance, and a complete kitchen.

What is Income Documentation? - Definition
Income Documentation – Income Documents are used to prove a borrower’s ability to pay. A borrower’s ability to pay is one factor used to determine risk

What is an Authorization to Release - Definition
Authorization to Release – Typically a form that allows for a lender to obtain any information related to a mortgage transaction. It is typically used to obtain information that is typically protected by

What is an Appraisal - Definition
Appraisal (Typically refers to a Fee Appraisal)- An opinion of a real estate property’s market value determined by a combination of a detailed inspection and the sales of similar nearby properties. The

What is a GPM? - Definition
GPM (Graduated Payment Mortgage) – A mortgage in which the terms allow for a steady increase in rate and payment over a preset term (generally the first
several years). At the end of the preset term the

What is a Legal Description? - Definition
Legal Description – A Legal Description of the property identifies the properties location, boundaries, and contents. This includes such things as streams and ponds. The description on the deed or

What is a FHA Loan? - Definition
FHA(Federal Housing Administration) Loan – A loan provided by a lender sponsored by the Federal Housing Administration that typically requires a smaller down

What is A Betterment? - Definition
Betterment can be a form of mortgage. It is typically a situation where a town requires an upgrade to something such as either your septic and or sewage, and because the town is requiring it they

Mortgage - Definition
Lenders view a mortgage as any loan or debt that has a property being used as collateral. A mortgage can also be referred to as a lien, and frequently the type of mortgage is referred to by its position on the deed of the property. The position on the deed