Jargon Buster
Variable interest rate
A loan rate that moves up and down based on factors including
changes in the rate paid on bank certificates of deposit
or Treasury bills.
Verification of deposit
As part of the loan process, a lender will ask a borrower's
bank to sign a statement verifying the borrower's account
balances and history.
Verification of employment
As part of the loan process, a lender will ask the borrower's
employer for confirmation of the borrower's position and
salary.
