Taylor Chamber
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| Term | Definition |
|---|---|
| V.A. Loan |
A home loan that is guaranteed by the U.S. Veterans Administration under the Servicemen's Readjustment Act of 1944. It was later expanded to compensate the lender in the event of a default.
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| Valuation |
The estimated worth or price of something. An appraisal is an act of valuation.
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| 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.
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| 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.
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| Vendee |
A real estate purchaser.
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| Vendee's Lien |
A lien against a property that is under a contract of sale to secure the deposit money paid by the buyer.
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| Vendor |
A real estate seller.
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| Veneer |
A thin layer of wood or brick exterior that covers a less attractive and/or less expensive surface.
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