glossary - V
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Mid-Island Mortgage Corp. understands that the mortgage process is filled with phrases and terms that may be confusing and unfamiliar to those new to buying a home as well as those who have purchased and refinanced their homes in the past. We've provided a glossary to help clear away some of the mystery associated with the mortgage process.
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VA mortgage
A mortgage that is guaranteed by the Department
of Veterans Affairs (VA). Also known
as a government mortgage. find out more
vested
Having the right to use a portion of a fund
such as an individual retirement fund.
For example,
individuals who are 100 percent
vested can withdraw all of the funds
that are set aside
for them in a retirement fund. However,
taxes may be due on any
funds
that are actually withdrawn.
Department
of Veterans Affairs (VA)
An agency of the federal government that
guarantees residential mortgages
made to eligible veterans
of the military services.
The guarantee protects the lender
against loss and thus encourages lenders to
make mortgages
to veterans. find out more
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