Real Estate 101
Glossary of Real Estate Terms — Page 5

Underwriting: The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan

Underwriting fee: A fee charged by the lender to verify information on the loan application, authenticate the property's worth as collateral, and make a final determination about whether to grant a loan to the applicant.

U.S. Department of Housing and Urban Development: Also known as HUD. A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Upgrades: Options offered to buyers in a new-home project that go beyond the standard carpeting, lighting, finish carpentry, and other amenities.

VA: The U.S. Veterans Administration.

VA loan: A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.

Variable-Rate Mortgage: Any real estate loan in which the interest rate varies over time according to a prescribed formula or set of conditions; usually changes in economic conditions. (Also known as an adjustable-rate mortgage).

Walk-through: A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

Warehouse Fee: May be charged by a lender to initiate a loan.

Warranty Deed: A deed in which express covenants of good title and the right of possession are detailed and guaranteed.

Zero-lot line: The positioning of a house near or on top of the lot boundary, resulting in little or no space between houses.

Zoning: Regulations that control the use of land within a jurisdiction.

Zoning variance: A one-time modification of existing zoning law.

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