Glossary of terms used on this site
All
| Term | Definition |
|---|---|
| Tuck-point |
The process of removing old mortar from between bricks and replacing it with new mortar. |
| Two to four family property |
A piece of property that is owned by one person but provides housing for up to four households. |
| Two-step mortgage |
An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term. |
| U.S. Department of Housing and Urban Dev |
A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs. |
| Underlayment |
A layer of wood between the sub-floor and the floor. |
| Underwriting |
The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan. |
| Undisclosed heir |
A person who claims the right to a piece of property after the death of an owner without a will. |
| Undisclosed spouse |
An unidentified marital partner who can claim the right to a piece of property. |
| Unrecorded deed |
An unrecorded deed transfers ownership from one party to another without being officially recorded. |
| Unsecured loan |
Any loan that is not backed by collateral. |
| Upgrades |
Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project. |
| Upzoning |
The process in which a property is zoned from a lower to a higher use. |
| Urban sprawl |
The unplanned expansion of development over a large area. |
| Usury |
A reference to illegally excessive interest charged on any loan. |
| VA loans |
A program that allows most veterans to purchase a house without a down payment. |
| Variable interest rate |
A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills. |
| Variable rate |
An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index. |
| Variable rate mortgage |
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills. |
| Vaulted ceiling |
An elongated half-cylinder that arches above the floor. |
| Verification of deposit |
Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history. |
| Verification of employment |
Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary. |
| Vestibule |
A small entrance hall or room. |
| Veterans Administration (VA) |
The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment. |
| Victorian style |
An architectural style that dates from the mid-19th century. |
| Vinyl-clad windows |
Wood windows sheathed in vinyl on the outside. |
| Voluntary lien |
A lien that a homeowner willingly gives to a lender. |
| Wainscoting |
Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail. |
| Waiver |
A voluntary relinquishing of certain rights or claims. |
| Walk-out basement |
A feature that allows a door to open onto ground level. |
| Walk-through |
A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied. |
| Warranty |
A legally binding promise to do something in the future. |
| Wetlands |
Watery areas such as swamps, marshes and floodplains. |
| Wild deed |
An improperly recorded deed. |
| Will |
The most basic legal document outlining the disposition of a person's estate in the event of death. |
| Window light |
An individual pane of glass. |
| Window seat |
A bench built under an interior window. |
| Window well |
A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line. |
| Window well covers |
Curved plastic covers designed to be installed on top of a window well to cover the opening. |
| Wraparound mortgage |
A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan. |
| Zero-lot lines |
Houses built without space between them and with little or no yard. |
| Zoning |
Regulations that control the use of land within a jurisdiction. |
| Zoning variance |
A one-time modification of existing zoning law. |
