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VA Mortgage: A mortgage guaranteed by the
Department of Veterans Affairs.
Valid: Having force or binding force
legally sufficient and authorized by law;
enforceable.
Valuation: The estimated worth or price
of a property after taking appraisal into
consideration.
Variable Interest Rate: An interest rate
that changes periodically as the current rate
moves up or down.
Payments may increase or decrease accordingly.
There are usually maximums as to the frequency
and the amount of fluctuation in mortgages.
Vested: The right to use a portion of a
fund.
Veterans Administration: A federal
government agency 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.
Void: Having no legal force or validity.
Voidable: Appearing valid and enforceable
on the surface, but may be declared invalid by
one of the parties, such as a contract entered
into by a minor.
Voluntary Lien: Any lien placed on
property with the consent of, or as a result of
the voluntary act of, the owner.
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