Real Estate Glossary – V

VA Mortgage – A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage. Valuation - The estimated worth or price of something. An appraisal is an act of valuation.

Variable Interest Rate – The amount of interest charged by the lender, that is allowed to vary over the maturity of a loan, and typically adjusted to an appopriate index.

Variable Rate Mortgage – Long-term loan applied to property, which the interest rate may be adjusted on a six month basis for the terms spelled out in the loan, and according to certain restrictions.

Vendee -Ă‚ A real estate purchaser.

Vendee’s Lien -Ă‚ A lien against a property that is under a contract of sale to secure the deposit money paid by the buyer.

Vendor -Ă‚ A real estate seller.

Veneer -Ă‚ A thin layer of wood or brick exterior that covers a less attractive and/or less expensive surface.

Vested – Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Department of Veterans Affairs (VA) – An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

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