A | B | C | D | E | F | G | H | I
J | L | M | NO | PQ | R | S | T | UV | Z
A lender’s process to evaluate whether or not to give a borrower a loan
When lenders underwrite a loan, they look at your income, debt, credit history and assets to see if you qualify for the amount requested.
See: Preapproval, Prequalification, Back end ratio
A debt that lacks collateral as protection
Unsecured loans do not require you to sign an agreement pledging collateral to secure the loan.
Compare: Mortgage, Deed of trust
A housing loan insured by the Veteran’s Administration allowing a veteran to buy a home with little or no down payment
The loan amount cannot be more than the VA's appraisal. If it is, the difference must be paid in cash. Closing costs, including a one-time funding fee for about 2% of the loan amount, will still need to be paid. Usually, to be eligible for VA loan, you must have served at least 181 days of active duty or at least 6 years in the National Guard. If you need information, contact your regional VA office or call 1-800-827-1000.
Compare: FHA mortgage
Monetary or material worth of something
See: Fair market value, Appraisal/Appraiser
Verification of deposit (VOD)
A document from a bank validating the balance of a person's checking and/or savings accounts
Lenders may request a VOD to prove that you actually have the money indicated on your loan application.