Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
VA Loan (U.S. Veterans Administration)
Allows veterans to receive a loan without putting money down and is guaranteed by the U.S. Veterans Administration.
Verification of Deposit (VOD)
Verification of account balance and history. This information must be verified through the borrower's bank.
Verification of Employment
Verification that a borrower is employed. The documents states the starting date, job title, salary, and probability of future employment.
