Mortgage Glossary – U to Z

Variable Rate Mortgage – A mortgage that allows payments to fluctuate from time to time according to the institutions Prime Rate. As payments fluctuate a proportional amount of principal and interest is adjusted to the monthly repayment amount to ensure that the amortization schedule is met. For the best Variable rate mortgage, contact an Urban Mortgage Associate for details.

Vendor Take Back – In order to sell a property, the seller will provide some of the financing to ensure the transaction is completed.

Verification of Employment – Verbal confirmation by a lender or mortgage broker to determine employment status.

Year-End Statement – A summary report a financial institution provides at the end of the year.

Zero Down Mortgage – This mortgage is a 100% financing product that requires no down payment.