Mortgage Glossary for Virginia Buyers
Plain-English definitions for the terms you will hear on the way to a Virginia closing, including VA loan, FHA and Virginia tax terms.
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Terms Virginia buyers meet first
If the list feels long, start with these.
- Pre-approval. The first step. It shows sellers you can follow through.
- Loan Estimate. Compare it across lenders to see rate, payment and costs side by side.
- Recordation and grantor's tax. Virginia charges these at closing, and the exact amounts depend on the locality.
- Deed of trust. The document Virginia lenders use as security. It is the equivalent of a mortgage in many other states.
- Clear to close. The signal that underwriting is finished and you can schedule closing.
Glossary FAQ
Is a mortgage the same as a deed of trust?
People say mortgage for the loan. In Virginia the lien on the home is usually created by a deed of trust, which names a trustee. You sign a promissory note for the loan and a deed of trust as security.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR adds certain fees and costs, so it is usually a little higher. It helps you compare offers with different fee levels.
Do all loans have mortgage insurance?
Not all. Conventional loans have PMI under 20% down. FHA loans have upfront and annual premiums. VA loans have no monthly mortgage insurance, but most carry a one-time funding fee.
Can a lender give me exact numbers for these terms?
Yes. The glossary explains the idea. Your Loan Estimate shows how each term applies to your loan.
Duane Buziak, NMLS #1110647. Licensed in VA, TN and GA. Brokered through Coast2Coast Mortgage, NMLS #376205. Definitions are general information, not legal or financial advice, and program rules change. Equal Housing Opportunity.