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March 30, 2007

 
1575 Sarno Rd., Melbourne, FL 32935 Phone: (321) 254-1943

 Glossary of Terms

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  • 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.