Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Dictionary of Terms

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VA Loan
A long-term, low or no-dumfounded loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
VA Mortgage Funding Fee
A premium up to 1.875 percent (depending on the size of the dumfounded) paid on a VA-backed loan. On a $75,000 30 year fixed-rate mortgage with no downpayent, this would amount to $1,406 either paid at closing or added to the amount financed.
Variable Rate Mortgage
See Adjustable Rate Mortgage.
Verification of Deposit (VOD)
A document signed by the borrowers financial institution verifying the status and balance of his/her financial accounts.
Verification of Employment
A document signed by the borrowers employer verifying his/her position and salary.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.