- UnderwriterAn insurance company that issues insurance policies either to the public or to another insurer. Read More
- UnderwritingThe process used to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage. Read More
- Unencumbered PropertyProperty free and clear of mortgages, restrictive covenants, leases, and assessments of any kind. Read More
- Uniform Appraisal DatasetThe Single Family Uniform Appraisal Dataset (UAD) from Fannie Mae establishes a standardized property condition and quality rating guidelines(...) Read More
- Uniform Residential Appraisal ReportAn appraisal report used for conventional loans for a single-family property completed by a licensed or certified real estate appraiser. Read More
- Uniform Residential Loan ApplicationThe standard loan application used by all residential lenders. Read More
- UnionA plumbing fitting that joins pipes end-to-end so they can be dismantled. Read More
- Universal DesignA design of buildings and environments that makes them accessible to all people regardless of age, ability, and other factors. Read More
- Unplasticized Polyvinyl ChlorideAn unplasticized version of PVC; made from polymere. It was once referred to as uPVC (for unplasticized PVC); the term was changed to PVC-U in(...) Read More
- Unsecured LoanA loan that is not backed by collateral. Read More
- Urethane PaintA type of paint composed of a mixture of pigment and polyurethanes, which holds the pigment molecules together and gives a glossy finish when dry. Read More
- UsuryInterest charged in excess of the legal rate established by law. Read More
- UtilitiesThe services provided for people residing in a property, which may or may not be included in a rental or lease agreement (such as electricity,(...) Read More
- Utility EasementThe area of the earth that has electric, gas, or telephone lines. These areas may be owned by the homeowner, but the utility company has the(...) Read More
- Utility LienA legal claim against the property for unpaid utilities. Read More
- VA LoanA mortgage ensured by the U.S. Department of Veterans Affairs and issued by private lenders to assist veterans, service members, and their(...) Read More
- Vacancy CostThe amount of rent that could have been collected from vacant units if they had been occupied and leased at current market rates. Read More
- Vacancy ProvisionMoney that’s put aside by an investor to cover expenses in the event that a rental property sits vacant for a period of time. Read More
- Vacancy RateThe ratio of vacant rental units to the total number of owned rental units in the building, city, or in another operating category. Read More
- VacantA residential property identified by the United States Postal Service (USPS) as uninhabited and that the USPS has decided they will no longer be(...) Read More
- Vacation RentalA rental property that is fully furnished and rented out to guests for short-term periods (e.g., two-week vacation). Vacation rental properties(...) Read More
- ValleyThe "V" shaped area of a roof where two sloping roofs meet. Water drains off the roof at the valleys. Read More
- Valley FlashingSheet metal that lays in the "V" area of a roof valley. Read More
- ValuationAn inspection carried out for the benefit of the mortgage lender to ascertain if a property is a good security for a loan. Read More
- Valuation FeeThe fee paid by the prospective borrower for the lender's inspection of the property. Normally paid upon loan application. Read More
- VanityBathroom furniture that combines the sink, countertop, and mirror and provides extra storage space. Read More
- Vanity CabinetA sink base cabinet located in the bathroom is normally referred to as a vanity cabinet. Most vanity cabinets have single or double doors, but(...) Read More
- Vanity Cabinet HardwareThe pulls, knobs, or handles used to open your vanity cabinet doors and drawers are called the vanity cabinet hardware. They can often be(...) Read More
- Vanity TopThe surface installed on top of your vanity cabinets is referred to as the vanity top. The vanity top may have one or more pre-formed sink bowls(...) Read More
- Vapor BarrierA building product installed on exterior walls and ceilings under the drywall and on the warm side of the insulation. It is used to retard the(...) Read More
- Variable RateInterest rate that changes periodically in relation to an index. Read More
- VeneerA thin sheet of wood that is typically applied to coarser wood on doors, floors, and other finishes. Read More
- VentA pipe or duct which allows the flow of air and gasses to the outside. Also, another word for the moving glass part of a window sash, i.e.(...) Read More
- Vent SleevePreformed flange placed over a vent pipe to seal the roofing above the vent pipe opening. Read More
- Verification of DepositDocument signed by the borrower's bank or other financial institution verifying the borrower's account balance and history. Read More
- Verification of EmploymentDocument signed by the borrower's employer verifying the borrower's position and salary. Read More
- VermiculiteA mineral used as bulk insulation and also as aggregate in insulating and acoustical plaster and in insulating concrete floors. Read More
- VesselA type of sink that sits on top of the bathroom counter, and is typically composed of glass or porcelain. Read More
- VestingHow ownership of title is taken. Common methods of holding title include sole ownership, or co-ownership. How title is vested has important(...) Read More
- Veterans Affairs (U.S. Department of Veterans Affairs)A federal government agency that provides benefits to veterans and their dependents, including health care, educational assistance, financial(...) Read More