Demand feature
The Closing Disclosure has a statement that reads “Your loan has a demand feature,” which is checked “yes” or “no.” A demand feature permits the lender to require early repayment of the loan.
A VA loan is a loan program offered by the Department of Veterans Affairs (VA) to help servicemembers, veterans, and eligible surviving spouses buy homes. The VA does not make the loans but sets the rules for who may qualify and the mortgage terms. The VA guarantees a portion of the loan to reduce the...