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Real Estate Glossary (U & V)

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U

Underwriting

 

The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower’s creditworthiness and the quality of the property itself.

Unilateral contract

 

A one-sided contract in which only one party is legally under obligation by the terms of the contract; one party promises an action to the second party, who is not legally required to respond, but if the second part does comply, then the first party is obligated to honor the promise made.

Unsecured Loan

 

A loan that is not backed by collateral.

Usury

 

The act of charging more than the maximum rate of interest permitted by law

V

Valuation

 

The estimated of value of a property

VA Mortgage

 

A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

Vest

 

To pass an immediate right on to a person

Vested

 

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Veterans Administration (VA)

 

The Veterans Administration is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. To obtain more information, you can contact the U.S. Department of Veterans Affairs.

VA loans are more flexible than those for either the Federal Housing Administration (FHA) or conventional loans.

If you are a qualified veteran, this can be an attractive mortgage program. To determine whether you are eligible, check with your nearest VA regional office.

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