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Home Mortgage Audio and Media
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Home Mortgage Definitions and Factiods
Home Mortgage Definitions 1
Adjustable Rate Mortgage (ARM):
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide are agreed to at the inception of the loan.
Alternative Documentation:
The use of pay stubs, W-2 forms, and bank statements in lieu of Verifications of Employment (VOE) and Verifications of Deposit (VOD) to qualify a borrower for a mortgage.
Amortization:
The systematic and continuous payment of an obligation through installments until the debt has been paid in full.
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