Title: The evidence of the right to or ownership in property. In the case of real estate, the documentary evidence of ownership is the title deed. Title may be acquired through purchase, inheritance, gift, or through foreclosure of a mortgage.

Title Insurance: A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search (Owners Title Insurance). The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller. Policies are also available to protect the lender's interests (Lenders Title Insurance).

Truth-in-Lending Act: A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan. Also known as Regulation Z.

Underwriter: He/she who performs the analysis of the risk involved in making a loan to a potential home buyer based on credit, employment, assets, and other factors; and the matching of this risk to an appropriate rate and term or loan amount.

Unsecured Note: A loan that is not backed by collateral (property).

VA Mortgages: If you are current in the United States military, or if you have ever served in U.S. armed forces, you may be eligible to get a loan insured by the Veterans Administration. If you qualify, this special government benefit to veterans might be a good option.

Variable Rate Mortgage (VRM): See Adjustable Rate Mortgage (ARM).

Verification of Employment: A document signed by the borrower's employer verifying his/her position and salary.

Wraparound Mortgage: Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking their share.