Glossary of terms used on this site
V
| Term | Definition |
|---|---|
| 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 or Treasury bills. |
| Variable rate |
An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index. |
| Variable rate mortgage |
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills. |
| 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. |
