VA Mortgage Financial Glossary
What is it? A mortgage, of which only Veterans are eligible, where the lender receives a guarantee to reduce loss from the Veterans Administration (VA). The major advantage of a VA mortgage is that the required down payment is very low, and maximum allowable loan amounts are higher than on FHA loans.Finance Term Definition Added By: Gabrielle
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Financial Term Indenture is The legal agreement between the firm issuing the bond and the bondholders, providing the specific terms of the loan agreement.Financial Term prepayment penalty is A fee that must be paid to the lender if the borrower prepays a loan within a defined time period. Many consumer loans, especially residential mortgage loans, do not have prepayment penalties.
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