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Houston Mortgage > Glossary >
Home Equity > V 1-10
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V (variable)
If the letter V appears after the annual percentage rate (APR) the interest rate is variable and subject to change.
Variable interest rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage, and which fluctuates in tandem with a rate index.
Variable-rate mortgage
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an adjustable-rate mortgage.
Verification of employment
Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.
Voluntary lien
A legal claim against property for payment of a debt or for services rendered, and placed upon the property with the consent of the owner.
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