Terms that are on use on this site.
There are 59 entries in this glossary.| Term | Definition |
|---|---|
| Variable Rate Mortgage (VRM) |
The interest rate is usually compounded monthly and fluctuates with the prime rate at the chartered banks. In most, but not all cases, the VRM is fully open. |
| Verification of Employment |
The lender will sometimes contact an applicant\'s employer in order to verify information provided in a mortgage application or a job letter; your income structure, length of employment, position, and so on. |
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