Title Insurance Dictionary-Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

V

VA Loan
A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

VA Mortgage Funding Fee
A premium of up to 1-7/8 percent (depending on the size of the down payment) paid on a VA-backed loan. On a $75,000 fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed.

Valuation
Estimation of value or price through appraisal.

Variable Rate Mortgage (VRM)
See Adjustable Rate Mortgage

Verification of Deposit (VOD)
A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts.

Verification of Employment (VOE)
A document signed by the borrower's employer verifying his/her position and salary.

Vested Interest
A fixed right to the enjoyment of real estate by a specified person, subject to termination of a previous estate.