Current Mortgage Rates: Richmond, VA
3.000% (3.001% APR) 30yrs
2.500% (2.617% APR) 15yrs
as of 06/18/21
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Building on Trust™

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Glossary of Mortgage Terms

Search for glossary terms (regular expression allowed)
Term Main definition
Underwriting
The process of examining all the data about a borrower's property and transaction to determine whether the mortgage applied for by the borrower should be issued. The person who does this is called an underwriter.
Underwriting requirements
The standards imposed by lenders in determining whether a borrower qualifies for a loan. These standards are more comprehensive than qualification requirements in that they include an evaluation of the borrower's creditworthiness.

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