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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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VA Loan : A government-backed mortgage loan supported by the US Veterans Administration.

Variable Rate Mortgage : A mortgage in which the interest rate may be adjusted periodically based on an index.

Vested : Means that one has a right to use a portion of a fund, such as an individual's retirement fund.

Variable Rate : A variable rate agreement, as distinguished from a fixed rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary.

Variable Rate Mortgage : A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage.

Verification of Deposit (VOD) : A written document signed and approved by the original creditor or the financial institution from where the borrower had taken the loan. This document verifies and authenticates the status of a borrower's financial records and transactions.

Voluntary Lien : A lender's legal claim for a property with the approval of the owner which includes payments for a pending debt amount and the services used.


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Index of Terms | Complete List of Terms


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