Glossary of Real Estate Terms (va-vo)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

VA loans

• A program that allows most veterans to purchase a house without a down payment.

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 orTreasury bills.

Variable rate mortgage

• A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.

Variable rate

• An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.

Vaulted ceiling

• An elongated half-cylinder that arches above the floor.

Verification of deposit

• Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

Verification of employment

• Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.

Vestibule

• A small entrance hall or room.

Veterans Administration (VA)

• The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.

Victorian style

• An architectural style that dates from the mid-19th century.

Vinyl-clad windows

• Wood windows sheathed in vinyl on the outside.

Voluntary lien

• A lien that a homeowner willingly gives to a lender.