Real Estate Terminology: Glossary For You: Mortgages T through Z

And now for my final installment of this glossary (except of course if some questions or words are proposed by our readers) -- so, here we go, the final prepared installment of Mortgage Terminology defined... hope you find this and the preceding posts helpful.

Title -- The written evidence that proves the right of ownership of a specific piece of property.

Title Insurance -- Protection for lenders or homeowners against financial loss resulting from legal defects in the title.

Transaction Fee -- A fee which may be charged each time you draw on a home equity credit line.

Underwriting--The process of verifying data and approving a loan.

Variable Rate -- An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

VA Loan -- More appropriately termed "VA Insured Loan." A loan for which the Veteran's Administration insures the lender against losses the lender may incur due to your default. Available only to veterans possessing a Certificate of Eligibility