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Glossary - V

Mortgage Brokers Glossary - V

Valid:

Having legal force. This means that if a property title is valid then it is effective or binding by law.

Valuable Consideration:

An equivalent or compensation having value given for a thing purchased, as money, marriage, services, etc. It is the granting of some beneficial right, interest, or profit by one party in exchange for the performance of another.

Valuation:

The act or process of assessing value or price of a property through an appraisal.

Variable Interest Mortgage:

A mortgage product where the interest rate can change or vary during the loan term. The variance in the interest rate usually depends on a specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.

Variable Interest Rate:

Percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates.

Variable Rate Mortgage (VRM):

The interest rate is usually compounded monthly and fluctuates with the prime rate at the chartered banks. In most, but not all cases, the VRM is fully open.

Vendor:

In real estate transactions it is the person selling the property.

Vendor Take Back:

In order to sell a property, the seller will provide all or some of the financing to ensure the transaction.

Verification of Employment:

The lender will sometimes contact an applicant's employer in order to verify information provided in a mortgage application or a job letter; your income structure, length of employment, position, and so on.

Void:

Something that is void has no validity or effect under the law meaning it is null. For example, a contract can be rendered void.