Mortgage and Loan Glossary (V)
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vacancy rate
The percentage of all units or space that is not leased, not rented
or unoccupied.
vacant land
Land that is not currently being used.
vacate
To move out of a premises.
vacation home
A home used by the owners only occasionally or seasonally primarily
for recreational purposes.
valid
A document or contract that has legally binding force.
VA loan
A home loan that is guaranteed by the Department of Veterans Affairs
(VA). Along with the FHA loan, also known as a government mortgage.
variable interest
Another name for adjustable rate. See adjustable rate mortgage.
vested
Having the right or privilege to use a portion of a fund, such as an
individual retirement account (IRA).
Department of Veterans Affairs (VA)
An agency of the federal government that provides services and guarantees
residential mortgages made to eligible veterans of the military services.