Real Estate Owned by the Bank. See Foreclosure.

Issued and recorded once the full payment of mortgage loan is satisfied.

Repayment of current loan; conducted by the bank which among other things collects the monthly debits used for the repayment of the loan.

A map of the property and building boundaries.

(Truth in Lending) Document which must be delivered to the borrower by the mortgage broker and lender. It includes the "Annual Percentage Rate", potential overall costs of the financing, potential monthly payments, prepayment penalty, penalty interest and further conditions.

Title insurance insures that the person who is selling the property owns it free and clear of any encumbrances. This includes liens, easements and rights of others in and to the property. The lender is protected by mortgage insurance and the purchaser is protected by owners' insurance. They can be purchased simultaneously at the closing.

(TIL) Document which must be delivered to the borrower by the mortgage broker and lender. It includes the "Annual Percentage Rate", potential overall costs of the financing, potential monthly payments, prepayment penalty, penalty interest and further conditions.

Assessment or approval of loan.

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".

(VOA) Proof of available assets.

(VOD) Verification of available funds in a bank account.

(VOE) Employer's confirmation of borrower's employment.

(VOI) Income verification from a third party.

(VOM) Proof of current mortgage (shows amounts, payments and payment history).

(VOR) Verification of lease payments and if payments were made on time.

Proof of available assets.

Verification of available funds in a bank account.

Income verification from a third party.

Proof of current mortgage (shows amounts, payments and payment history).

Verification of lease payments and if payments were made on time.