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Underwriting Fee

Lender fee that offsets the cost of processing your loan for closing. Different companies may refer to them by different names, such as processing fees or document preparation fees.

VA Mortgage

A low- or no-down-payment mortgage guaranteed by the Department of Veteran Affairs. It is only available to military personnel, veterans or spouses of veterans who died of service-related injuries.

Variable Interest Rate

An interest rate that changes (goes up or down) based on a specified economic index.

Variable Rate Mortgage

See Adjustable Rate Mortgage.

Veterans Administration (VA)

The government agency that administers benefit programs for veterans, including a guaranteed mortgage loan with little or no down payment. See VA Mortgage.

Walk-Through Inspection

A final walk-through of the home before you go to closing. This is your opportunity to make sure your seller has made all the repairs listed in the Agreement of Sale. These repairs are usually based on the results of the original home inspection, and agreed upon by you and the seller.