Term | Main definition |
---|---|
Variable Interest Rate | An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to frequency and amount of fluctuation. Also called "flexible interest rate". |
Verification of Assets | (VOA) Proof of available assets. |
Verification of Deposit | (VOD) Verification of available funds in a bank account. |
Verification of Employment | (VOE) Employer's confirmation of borrower's employment. |
Verification of Income | (VOI) Income verification from a third party. |
Verification of Mortgage | (VOM) Proof of current mortgage (shows amounts, payments and payment history). |
Verification of Rent | (VOR) Verification of lease payments and if payments were made on time. |
VOA (Verification of Assets) | Proof of available assets. |
VOD (Verification of Deposit) | Verification of available funds in a bank account. |
VOI (Verification of Income) | Income verification from a third party. |
VOM (Verification of Mortgage) | Proof of current mortgage (shows amounts, payments and payment history). |
VOR (Verification of Rent) | Verification of lease payments and if payments were made on time. |