Michael Petruccelli asks; What is a Certificate of Reasonable Value (CRV)?

Michael Petruccelli says;  Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.

Michael Petruccelli asks; What is a Certificate of Eligibility?

Michael Petruccelli says;  A document issued by the Veterans Administration that certifies a veteran's eligibility for a VA loan.

Michael Petruccelli asks; What is a Certificate of Deposit Index?

Michael Petruccelli says; One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit.

Michael Petruccelli asks; What is collateral?

Michael Petruccelli says; In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.

Michael Petruccelli asks; What is a cloud on title?

Michael Petruccelli says;  Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.

Michael Petruccelli asks; What are closing costs?

Michael Petruccelli says; Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.