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Lock-In: An agreement with a mortgage lender that a specific interest rate will be guaranteed, or locked in, as long as the borrower closes within a certain period of time.
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LTV- Loan to Value Percentage: The amount of a home you own compared to the amount of a home you still owe to a mortgage lender, expressed as a percentage. For instance, if you put 25% down on a home, your Loan to Value Percentage is 75% because that is w
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Loan Approval: When the lender agrees to loan money to a borrower based on information such as income, debt, assets, employment, and credit worthiness.
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Lien: The legal right to ownership of a property or part ownership of a property. In the case of a mortgage loan on your home, the lender has the legal right to the amount of money your home is worth up to what you still owe as your principal balance. Any
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Lender Appraisal Processing Program: A program through which the Department of Veterans Affairs allows VA-approved lenders to conduct their own value appraisals on a property. The VA may also require one of its own appraisers to appraise the property as w
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Verification of Employment: This is when a mortgage lender contacts the potential borrower’s place of employment in order to verify the information on the loan application.
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Lender: The company that loans you the money to purchase a home.
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Verification of Deposit: This is a financial document that the borrower gives to the lender which verifies the amount of money the borrower has in reserve in the bank. Sometimes lenders want to see a certain amount of money in reserves in order to approve
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VA Home Loan Program: This program is a benefit to Veterans that allows them to take a home loan mortgage with a guarantee from the VA. The VA guarantees that a certain percentage of the loan will be paid back to the lender even in the case of borrower de
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VA Eligibility Center: Where Veterans submit their requests for a Certificate of Eligibility. Once a VA Form 26-1880 and a Form DD 214 have been completed, a Veteran can either contact a VA-approved lender and submit this information electronically throug
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