Mortgage Loans Terms For Home Mortgages And Lending | P - R
VA Loan - A long-term or little-to-no down payment loan guaranteed to veterans by the VA.
VA Mortgage Funding Fee - A premium of at most one and seven-eighths percent paid on a VA-guaranteed loan.
Variable Rate Mortgage (VRM) - See adjustable rate mortgage.
Verification of Deposit - A document signed to validate the borrower's status and balance of his/her accounts.
Verification of Employment - A document signed by an employer verifying the borrower's position and salary.
Warehouse Fee - Many mortgage firms borrow funds for a short term so that they can originate, or create, new loans to be sold in the secondary market. When the interest rate is higher on the short-term loans than on mortgage loans, the firm incurs a loss which is offset by a warehouse fee.
Wraparound Mortgage - This occurs when an existing loan is paired with a new loan, making the interest rate fall somewhere between the old rate and the current market rate. Payments on this type of loan are made to the lender of the second loan, or to the previous homeowner, who would forward the payments to the first lender.
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