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Works of Joy
Glossary of Real Estate Terms
V
| 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 |
| As part of the loan process, a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history. |
| Verification of employment |
| As part of the loan process, a lender will ask 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 a homeowner willingly gives to a lender. |
