Mortgage 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 ZV
A U.S. federal agency that guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
VA Loan (VA Mortgage)
Residential mortgage loans made to Veteran borrowers under the VA's loan guaranty programs.
VA Mortgage (VA Loan)
Residential mortgage loans made to Veteran borrowers under the VA's loan guaranty programs.
VA Mortgage Funding Fee
A premium of up to 1-7/8 percent paid on a VA loan.
Variable Rate Mortgage (VRM)
A mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the change in monthly payment amount, however, is usually subject to a cap. Also called Adjustable Rate Mortgage.
Verification of Deposit (VOD)
An official document from the borrower's financial institution that verifies that status and balance of the borrower's accounts.
Verification of Employment (VOE)
A document indicating a borrower's position and salary, signed by the employer.
Vested
The right to use part of a fund, such an individual retirement fund.
VOD (Verification of Deposit)
An official document from the borrower's financial institution that verifies that status and balance of the borrower's accounts.
VOE (Verification of Employment)
A document indicating a borrower's position and salary, signed by the employer.
VRM (Variable Rate Mortgage)
A mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the change in monthly payment amount, however, is usually subject to a cap. Also called Adjustable Rate Mortgage.
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