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Houston Mortgage > Glossary >
Mortgage > V 1-10
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VA loan
A mortgage made by an approved lender and guaranteed by the Department of Veterans Affairs, often with a low down payment.
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.
Veterans Administration (VA)
Now called the U.S. Department of Veterans Affairs, which oversees the VA loan program, a benefit to veterans that allows them to buy homes with no down payment.
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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