Money Merge Account - MMA Software

MMA - Mortgage Glossary

As with every business, there are certain terms that are unique to that industry. We have assembled these terms to help you to have a better understanding of mortgage financing. If you have a question about anyone of them or one that's not listed, send us an email and we will try to include it.

Jump to the section you require by clicking on the link with the first letter of the term you are looking for.

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203(b): FHA program Which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

203(b) Limit: The dollar limit in each county for how much of a home's value can be used to determine the amount of money you can get from a federally insured HECM reverse mortgage; the name comes from Section 203(b) of the National Housing Act.

203(h): this FHA program is typically a special government low interest rate loan, used for disaster relief.

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

Acceleration Clause: The part of a contract that says when a loan may be declared due and payable.

Adjustable Rate (ARM): An interest rate that changes, based on changes in a published market-rate index.

ALOC: Advanced Line of Credit - a specific type of Home Equity Line of Credit (HELOC)

Amenity: a feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).

Amortization: repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)

Annual Percentage Rate (APR): calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.

Annuity: A monthly cash payment you get from an insurance company for the rest of your life.

Appraisal: An estimate of much a house would sell for if it were sold; also called its market value.

Appreciation: An increase in a home's value.

Application: the first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.

Appraisal: a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

ARM (Adjustable Rate Mortgage): A mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the Change in monthly -payment amount, however, is usually subject to a Cap.

Assessor: a government official who is responsible for determining the value of a property for the purpose of taxation.

Assumable Mortgage: a mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.

Bankruptcy: a federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.

Bi-Monthly Payments: a type of mortgage payment where you pay half of the monthly mortgage payment every 2 weeks (26 equal payments), rather than the full balance once a month (12 payments). This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs. For example, the bi-weekly mortgage payment process can pay off a 30 year loan in approximately 19 -23 years depending on the kind of original loan you started with.

Bi Weekly Payments:
A mortgage payment plan that requires principal and interest payments at two-week intervals. The payment is exactly half of what a monthly payment would be. As there are 52 weeks in a year, over a year's time, there will be 26 payments equivalent to 13 monthly payments on a comparable monthly-payment mortgage. As a result, the loan will be amortized much faster than a loan with monthly payments.

Borrower: a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.

Bridal Registry: a program supported by the FHA that allows couples to open ('register" for) a bridal registry account into which family and friends can deposit gifts of cash; the funds in this account may then be used for a down payment on a house

Building Code: based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.

Budget: a detailed record of all income earned and spent during a specific period of time.

Cap: a limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.

Cash Reserves: a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.

Certificate of title: a document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be free and clear of all liens or other claims.

Closing: also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.

Closing costs: customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

C.O.D.I. (Cost Of Deposit Index: A fairly stable World Savings proprietary adjustable rate index considered to be among the more stable adjustable indices in the industry. The index adjusts monthly and is based on a 12 month rolling average of the published 3 month certificate of deposits (CD's). The index works like a conveyor belt, each month as new rates get added into the mix, the oldest month's rates drop off. As of the time of printing, World lends in 38 states.

C.O.F.I (Cost Of Funds Index): Based on the 11th Banking District, (Arizona, California & Nevada), the COFI is a very stable adjustable rate index considered to be among the more stable adjustable indices in the industry. As of the time of printing, there are 40 banks involved in the 11th district. The index adjusts monthly and is based on a weighted average of the interest paid with-in the 11th district on checking, savings and money market accounts as well the interest rates on 1 year, 3 year and 5 year CD's.

Commission: an amount, usually a percentage of the property sales price, that is collected by a real estate professional as a fee for negotiating the transaction..

Condominium: a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.

Conventional loan: a private sector loan, one that is not guaranteed or insured by the U.S. government.

Cooperative (Co-op): residents purchase stock in a cooperative corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.

C.O.S.I. (Cost Of Savings Index): A very stable World Savings proprietary adjustable rate index considered to be among the most stable adjustable indices in the industry. The index adjusts monthly and is based on a weighted average of the interest World Savings pays on their checking, savings and money market accounts as well their interest rates on 1 year, 3 year and 5 year CD's. As of the time of printing, World lends in 38 states.

Credit history: History of an individual's debt payment; lenders use this information to gouge a potential borrower's ability to repay a loan.

Credit Line: A credit account that lets a borrower decide when to take money out and also how much to take out; also known as a "line-of-credit" or "credit line." (see line of credit).

Credit report: A record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history.

Credit bureau score: A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.

Current Interest Rate - In the ARM, Asset Management, HELOC, ELOC or HECM program, the total interest rate currently being charged on a loan; it equals the current rate of a specific index (i.e.: codi, cosi, libor, mta, prime or treasury note), plus the margin.

Debt-to-Income Ratio: A comparison of gross income to housing and non-housing expenses; With the FHA, the-monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.

Deed: the document that transfers ownership of a property.

Deed-in-lieu: to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.

Default: The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Deferred Payment: A payment amount that is less than the interest owed on the payment. In effect adding the differed amount back on to your original principle. With this loan you will owe more at the end of the month than you did at the beginning. Also called a Negative Amortization loan, this loan is used when the smallest payment is desired sometimes as low as 1.25%. See negative amortization.

Deferred Payment Loans (DPLs): Reverse mortgages that give you a lump sum of cash to repair or improve a home; usually offered by state or local governments.

Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement.

Depreciation: A decrease in the value of a home.

Discount point: normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan.

Down payment: the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

DTI: Abbreviation for Debt to Income Ratio

Earnest Money: money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.

EEM: Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase

Eminent Domain: The right of a government to take private property for public use; for example, taking private land to build a highway.

Equity: An owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loan(s)) from the fair market value of the property.

Equity Line Of Credit (ELOC): Similar concept to a Home Equity Line Of Credit. This one is proprietary to World Savings and is amortized over 30 years with the first 10 years being interest only.

Escrow Account: A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.

Expected Interest Rate: In the HECM program, the interest rate used to determine a borrower's loan advance amounts; it equals the 10-year rate for U.S. Treasury Securities, plus a margin.

Fair Lending: a law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability.

Fair Market Value: the hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.

Fannie Mae: Federal National Mortgage Association (FNMA); a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.

Federally Insured Reverse Mortgage: A reverse mortgage guaranteed by the federal government so you will always get what the loan promises; also, a Home Equity Conversion Mortgage (HECM).

FHA (Federal Housing Administration): Established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing various mortgage insurance to lenders (such as HECM loans), to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.

Financial GPA: The United First Financial web-based software system (the brains, so to speak) that drives the Money Merge Account.

Fixed Monthly Loan Advances: Payments of the same amount that are made to a borrower each month.

Fixed-Rate Mortgage: a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Flood Insurance: insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.

Foreclosure: a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

Freddie Mac: Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securities them, and sells them to investors; this provides lenders With funds for new homebuyers.

Government National Mortgage Association (GNMA): a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

Good Faith Estimate (GFE): an estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.

HELP: Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

Home Equity: The value of a home, subtracting any money owed on it

Home Equity Conversion: Turning home equity into cash without having to leave your home or make regular loan repayments. A specific type of reverse mortgage. (see reverse mortgage)

HECM (Home Equity Conversion Mortgage): The only reverse mortgage program insured by the Federal Housing Administration, a federal government agency

HELOC: Home equity Line of Credit

Home Inspection: an examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.

Home Warranty: offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; ,overage extends over a specific time period and does not cover the home's structure.

Homeowner's Insurance: an insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage. (a.k.a. Hazard Insurance)

Housing Counseling Agency- provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.

HUD: the U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

HUD1 Statement: also known as the "settlement sheet," it itemizes all closing costs; must be given to the borrower at or before closing.

HVAC: Heating, Ventilation and Air Conditioning; a home's heating and cooling system.

Hybrid ARMS: Also called Fixed Period ARMS, combine features of both fixed-rate loans and adjustable-rate loans.

Index: a measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation: the number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.

Interest: a fee charged for the use of money .

Interest Only: a loan where the payment is sufficient to only pay the interest owed on the loan but not enough to pay down any of the principle. In effect, you are treading water, staying a float, not moving ahead but not falling behind either.

Interest Rate: the amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Interest Rate Caps: An interest-rate cap is much different than a payment cap. It places a limit on the amount your interest rate can increase. Interest caps come in two versions: A periodic cap, which limits the interest rate increase from one adjustment period to the next and an overall life time cap, which limits the interest rate increase over the life of the loan.

Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

Judgment: a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.

Lease Purchase: assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

Left Over Equity: The sale price of the home minus the total amount owed on it and the cost of selling it; the amount the homeowner or heirs get when the house is sold.

L.I.B.O.R. (London Inter-Bank Offered Rate): Based on the Treasury Note, the index adjusts monthly and has a history exhibiting periods of rapid movement. Typically used for 3/1, 5/1 & 7/1 arm's (adjustable rate mortgages)

Life Time Cap: Associated with Adjustable Rate Mortgages (ARM), this is the maximum amount an interest rate can increase over the life of the loan.

Lien: a legal claim against property that must be satisfied When the property is sold.

Line Of Credit: A credit account that lets a borrower decide when to take money out and also how much to take out; also known as a "line-of-credit" or "credit line." (see credit line).

Loan: money borrowed that is usually repaid with interest.

Loan Advances: Payments made to a borrower, or to another party on behalf of a borrower.

Loan Balance: The amount owed, including principal and interest; capped in a reverse mortgage by the value of the home when the loan is repaid.

Loan Fraud: purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

Loan-to-Value (LTV) ratio.- a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.

Lump Sum: A single loan advance at closing.

Lock-in: since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Loss Mitigation: a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan

Margin: an amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.

Maturity: When a loan must be repaid; when it becomes "due and payable".

Minimum Payment: A payment amount that is less than the interest owed on the payment. In effect adding the differed amount back on to your original principle. With this loan you will owe more at the end of the month than you did at the beginning. Also called a Negative Amortization loan, this loan is used when the smallest payment is desired sometimes as low as 1.25%.

MMA Software: see below

Money Merge Account: The Money Merge Account or MMA as it is also known, consists of 3 major components. Your existing primary mortgage, an ALOC (Advanced Line of Credit) a specific type of HELOC (Home Equity Line of Credit) and the MMA software. This combination of these 3 has the ability to help you pay off your mortgage in as little as 1/3 to 1/2 the time.

Mortgage: A lien on the property that secures the Promise to repay a loan.

Mortgage Banker: A company that originates loans and resells them to secondary mortgage lenders like :Fannie Mae or Freddie Mac.

Mortgage Broker: A firm that originates and processes loans for a number of lenders.

Mortgage Insurance: a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.

Mortgage Insurance Premium (MIP): a monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.

Mortgage Modification: a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments.

M.T.A. (Monthly Treasury Average): Based on the Treasury Note, the index adjusts monthly and has a history exhibiting periods of rapid movement. Based on a 12 month rolling average of the published Treasury Bill (T-Bill). The index works like a conveyor belt, each month as new rates get added into the mix, the oldest month's rates drop off.

Negative Amortization (neg am): 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.

Non-Recourse Limit: the maximum dollar limit a lender has the legal right to pursue when seeking repayment of a loan.

Non-Recourse Mortgage: A home loan in which the borrower can never owe more than the home's value at the time the loan is repaid.

Offer: indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

Origination: the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

Origination Fee: the charge for originating a loan; is usually calculated in the form of points and paid at closing.

Partial Claim: A loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date.

Payment Cap: A payment cap is much different than a rate cap. It places a limit on the amount your payment can increase. A periodic payment cap, limits the payment increase from one adjustment period to the next.

Pay Option ARM: A mortgage loan which allows you a choice of payment methods: fully amortizing over 30 years, fully amortizing over 15 years, interest-only payments, or a payment based on a below-market "payment rate" which fails to cover even the interest which is due. In such an arrangement, the differential between what you actually owe and what you are paying is added onto the outstanding loan balance each month, a condition known as "negative amortization."

PITI: Principal, Interest, Taxes, and Insurance - the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.

PMI: Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.

Portfolio Lender: A company that underwrites mortgage loans and keeps them on the books instead of selling them on the secondary market as most other lenders often do.

Pre-Approve: Lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Pre-Foreclosure Sale: Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.

Pre-Qualify: A lender informally determines the maximum amount an individual is eligible to borrow.

Premium: An amount paid on a regular schedule by a policyholder that maintains insurance coverage.

Prepayment: Payment of the mortgage loan before the scheduled due date; may be Subject to a prepayment penalty.

Principal: The amount borrowed from a lender; doesn't include interest or additional fees.

Property Tax Deferral (PTD): Reverse mortgages that pay annual property taxes; usually offered by state or local governments.

Proprietary Reverse Mortgage: A reverse mortgage product owned by a private company.

Radon: A radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.

Real Estate Agent: An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

REALTOR: A real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.

Refinancing: Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

Rehabilitation Mortgage: A mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

RESPA: Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.

Reverse Annuity Mortgage: A reverse mortgage in which a lump sum is used to purchase an annuity that gives the borrower a monthly income for life.

Reverse Mortgage: A home loan that gives cash advances to a homeowner, requires no repayment until a future time, and is capped by the value of the home when the loan is repaid

Right Of Rescission: A borrower's right to cancel a home loan within three business days of the closing.

Settlement: Another name for closing .

Special Forbearance: A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.

Shared Equity: An itemized loan cost based on a percent of a home's value at loan maturity; for example, a 5% shared equity fee on a home worth $200,000 at maturity would be $10,000.

Supplemental Security Income (SSI): A federal monthly income program for low-income persons who are aged 65+, blind, or disabled.

Subordinate: To place in a rank of lesser importance or to make one claim secondary to another.

Survey: A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.

Sweat Equity: Using labor to build or improve a property as part of the down payment

TAT (turn around time): The amount of time it takes to close a loan from the time it is submitted until the signing at the title companies closing table.

Teaser Rate: A temporary rate for a pre-determined time period commonly associated with ARM's. The start rate or teaser rate can be for 1 month, 3 months, 6 months, 1 year, 3 years, 5 years 7 years or 10 years.

Tenure Advances: Fixed monthly loan advances for as long as a borrower lives in a home.

Term Advances: Fixed monthly loan advances for a specific period of time.

Total Annual Loan Cost (TALC) rate: The projected annual average cost of a reverse mortgage including all itemized costs

T-rate: The rate for U.S. Treasury Securities; used to determine the initial, expected, and current interest rates for the HECM program.

Title 1 Loan: An FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.

Title insurance: Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.

Title search: A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.

Truth-in-Lending: A federal law obligating a lender to give fuII written disclosure of aII fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.

Underwriting: The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.

Uninsured Reverse Mortgage: A reverse mortgage that becomes due and payable on a specific date.

U 1st: See United First Financial below.

U First: See United First Financial below

United First Financial: An innovative company that helps homeowners reach their financial goals by allowing the homeowner to pay off their mortgage in as little as 1/3 to 1/2 the time.

VA: Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.

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** The terms above are not meant to be used as legal or binding definitions but appear as a courtesy in an attempt to give insight into the industry. The writers assume no liability for misunderstanding , misinterpretation or the readers stupidity. As with any binding contract, when entering into real estate or mortgage negotiations, it is advisable to seek assistance and hire a professional.

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