V
If the letter V is displayed after the annual percentage rate (APR), this means the interest rate is variable and subject to periodic changes. READ MORE
View ArticleValuation
The valuation is the act or process of assessing value or price of a property through an appraisal. Most lenders these days require a professional valuation/appraisal. There is no set policy for any...
View ArticleVariable interest rate
Percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates. READ MORE
View ArticleVariable rate mortgage
A variable rate mortgage is a mortgage product where the interest rate is adjusted periodically based on a standard financial index, such as you rlender's Prime rate, which is ultimately effected by...
View ArticleVendor
In the context of a real estate transaction, the vendor refers to the seller of the property. READ MORE
View ArticleVendor take back
In order to sell a property, the seller will provide all or some of the financing to ensure the transaction. READ MORE
View ArticleVerification of employment
Confirmation from a place of employment that verifies a loan applicant is being truthful about where he or she works and about the salary he or she earns. READ MORE
View ArticleVoid
Something that is void has no validity or effect under the law meaning it is null. For example, a contract can be rendered void. READ MORE
View ArticleVoidable
When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion. READ MORE
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