Real Estate DefinitionsVA guarantee: An insurance contract for which the Veterans Administration (VA) guarantees the lender's recovery of a designated percentage of the loan amount from the insurer in the event that the borrower defaults on the loan. VA loan, or Government mortgage: A mortgage loan available to qualified military veterans which is guaranteed by the Department of Veteran Affairs, usually offering either no down payment or a low down payment. Valuation: The estimated of value of a property. Variable rate mortgage, or Adjusted rate mortgage: A mortgage with interest rates that may fluctuate based on market conditions. Verification of Deposit: A statement signed by the borrower's financial institution that verifies the current balances in the borrower's accounts. Verification of Employment: A statement signed by the borrower's employer that verifies the borrower's current position and salary. Vest: To pass an immediate right on to a person. Vested: Having the right to withdraw a percentage of a fund before its agreed-upon maturity date; e.g., the percentage vested to individuals with retirement funds differs; if someone is 80% vested, that means they can only withdraw 80% of the funds set aside for them until its maturity. Department of Veterans Affairs (VA): A federal agency that insures residential mortgages made to eligible military veterans, which thereby encourages loans being made to veterans.
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