Real Estate Glossary

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VA Mortgage: A mortgage guaranteed by the Department of Veterans Affairs. 

Valid: Having force or binding force legally sufficient and authorized by law; enforceable. 

Valuation: The estimated worth or price of a property after taking appraisal into consideration. 

Variable Interest Rate: An interest rate that changes periodically as the current rate moves up or down. 
Payments may increase or decrease accordingly. There are usually maximums as to the frequency and the amount of fluctuation in mortgages.

Vested: The right to use a portion of a fund.

Veterans Administration: A federal government agency that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans. 

Void: Having no legal force or validity.

Voidable: Appearing valid and enforceable on the surface, but may be declared invalid by one of the parties, such as a contract entered into by a minor.

Voluntary Lien: Any lien placed on property with the consent of, or as a result of the voluntary act of, the owner.