Real Estate Glossary V

V

VA mortgage

A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

Variable Rate

An interest rate that changes periodically in relation to an index. Payments may increase or decrease per the terms of the loan agreement or note.

vested

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Department of Veterans Affairs (VA)

Department of Veterans Affairs. An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

Virtual Tour

Virtual 360 Tours are interactive 360 degree panorama pictures which can be rotated left and right, up and down, and even zoomed in, to inspect something such as a painting. Virtual 360 panoramas are far more interesting than still photographs because they enable the complete area to be viewed, as though sitting in a swivel chair