U - Z

underwriter

A professional who approves or denies a loan to a potential homebuyer based on the homebuyer's credit history, employment history, assets, debts and other factors such as loan guidelines.

Uniform Settlement Statement

A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and seller.

utility costs

Periodic housing costs for water, electricity, natural gas, heating oil, etc.

VA loan

See: Veterans Administration.

variable rate mortgage (VRM)

See: adjustable rate mortgage.

Veterans Administration (VA)

The federal agency responsible for the VA loan guarantee program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a funding fee of 1 percent of the loan amount.

walk-through

An inspection of a property by the prospective buyer prior to closing on a mortgage.

warranty deed

A document protecting a homebuyer against any and all claims to the property.

yield

The rate of earnings from an investment.

zoning

The ability of local governments to specify the use of private property in order to control development within designated areas of land. For example, some areas of a neighborhood may be designated only for residential use and others for commercial use such as stores, gas stations, etc