Title insurance Insurance that protects against loss from disputes over ownership of a property. A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims against the property. Transfer tax State or local tax levied when title passes from one owner to another. Two-step mortgage See alternative mortgage products . Underwriter A company or person undertaking the responsibility for issuing a mortgage.
Underwriters analyze a borrower's creditworthiness and set the loan amount.
VA mortgage A loan backed by the Veterans Administration. It requires very low or no down payments and has less stringent requirements for qualification. Members of the U.S. armed forces are eligible for the loans under certain qualifying conditions. Contact the local VA office for information. A new mortgage that includes the remaining balance on an old mortgage, plus a new amount.